Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 01, 2024 | |
Document Information [Line Items] | ||
Entity Registrant Name | REGENCY CENTERS CORPORATION | |
Entity Central Index Key | 0000910606 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2024 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 184,779,092 | |
Entity File Number | 1-12298 | |
Entity Tax Identification Number | 59-3191743 | |
Entity Address, Address Line One | One Independent Drive | |
Entity Address, Address Line Two | Suite 114 | |
Entity Address, City or Town | Jacksonville | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 32202 | |
City Area Code | 904 | |
Local Phone Number | 598-7000 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | FL | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Trading Symbol | REG | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Security Exchange Name | NASDAQ | |
6.250% Series A Cumulative Redeemable Preferred Stock [Member] | ||
Document Information [Line Items] | ||
Trading Symbol | REGCP | |
Title of 12(b) Security | 6.250% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share | |
Security Exchange Name | NASDAQ | |
5.875% Series B Cumulative Redeemable Preferred Stock [Member] | ||
Document Information [Line Items] | ||
Trading Symbol | REGCO | |
Title of 12(b) Security | 5.875% Series B Cumulative Redeemable Preferred Stock, par value $0.01 per share | |
Security Exchange Name | NASDAQ | |
Partnership Interest [Member] | ||
Document Information [Line Items] | ||
Entity Registrant Name | REGENCY CENTERS, L.P. | |
Entity Central Index Key | 0001066247 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Filer Category | Non-accelerated Filer | |
Entity File Number | 0-24763 | |
Entity Tax Identification Number | 59-3429602 | |
Entity Address, Address Line One | One Independent Drive | |
Entity Address, Address Line Two | Suite 114 | |
Entity Address, City or Town | Jacksonville | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 32202 | |
City Area Code | 904 | |
Local Phone Number | 598-7000 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | DE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Net real estate investments: | ||
Real estate assets, at cost | $ 13,456,499 | $ 13,454,391 |
Less: accumulated depreciation | 2,748,712 | 2,691,386 |
Real estate assets, net | 10,707,787 | 10,763,005 |
Investments in sales-type lease, net | 11,532 | 8,705 |
Investments in real estate partnerships | 368,709 | 370,605 |
Net real estate investments | 11,088,028 | 11,142,315 |
Properties held for sale, net | 33,572 | 18,878 |
Cash, cash equivalents, and restricted cash, including $5,401 and $6,383 of restricted cash at March 31, 2024 and December 31, 2023, respectively | 230,101 | 91,354 |
Tenant and other receivables, net | 229,407 | 206,162 |
Deferred leasing costs, less accumulated amortization of $125,643 and $124,107 at March 31, 2024 and December 31, 2023, respectively | 77,484 | 73,398 |
Acquired lease intangible assets, less accumulated amortization of $364,829 and $364,413 at March 31, 2024 and December 31, 2023, respectively | 266,831 | 283,375 |
Right of use assets, net | 326,047 | 328,002 |
Other assets | 399,433 | 283,429 |
Total assets | 12,650,903 | 12,426,913 |
Liabilities: | ||
Notes payable, net | 4,387,181 | 4,001,949 |
Unsecured credit facility | 30,000 | 152,000 |
Accounts payable and other liabilities | 344,641 | 358,612 |
Acquired lease intangible liabilities, less accumulated amortization of $202,474 and $211,067 at March 31, 2024 and December 31, 2023, respectively | 389,908 | 398,302 |
Lease liabilities | 245,235 | 246,063 |
Tenants' security, escrow deposits and prepaid rent | 75,919 | 78,052 |
Total liabilities | 5,472,884 | 5,234,978 |
Commitments and contingencies | ||
Shareholders' equity/Partners' capital: | ||
Preferred stock $0.01 par value per share, 30,000,000 shares authorized; 9,000,000 and shares issued and outstanding, in the aggregate, in Series A and Series B at March 31, 2024 and December 31, 2023 with liquidation preference of $25 per share | 225,000 | 225,000 |
Common stock $0.01 par value per share, 220,000,000 shares authorized; 184,774,486 and 184,581,070 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively | 1,848 | 1,846 |
Treasury stock at cost, 452,690 and 448,140 shares held at March 31, 2024 and December 31, 2023, respectively | (26,321) | (25,488) |
Additional paid-in-capital | 8,703,756 | 8,704,240 |
Accumulated other comprehensive income (loss) | 4,465 | (1,308) |
Distributions in excess of net income | (1,889,037) | (1,871,603) |
Total shareholders' equity | 7,019,711 | 7,032,687 |
Noncontrolling interests: | ||
Exchangeable operating partnership units, aggregate redemption value of $66,587 and $74,199 at March 31, 2024 and December 31, 2023, respectively | 41,606 | 42,195 |
Limited partners' interests in consolidated partnerships | 116,702 | 117,053 |
Total noncontrolling interests | 158,308 | 159,248 |
Total equity | 7,178,019 | 7,191,935 |
Total liabilities and equity | 12,650,903 | 12,426,913 |
Partnership Interest [Member] | ||
Net real estate investments: | ||
Real estate assets, at cost | 13,456,499 | 13,454,391 |
Less: accumulated depreciation | 2,748,712 | 2,691,386 |
Real estate assets, net | 10,707,787 | 10,763,005 |
Investments in sales-type lease, net | 11,532 | 8,705 |
Investments in real estate partnerships | 368,709 | 370,605 |
Net real estate investments | 11,088,028 | 11,142,315 |
Properties held for sale, net | 33,572 | 18,878 |
Cash, cash equivalents, and restricted cash, including $5,401 and $6,383 of restricted cash at March 31, 2024 and December 31, 2023, respectively | 230,101 | 91,354 |
Tenant and other receivables, net | 229,407 | 206,162 |
Deferred leasing costs, less accumulated amortization of $125,643 and $124,107 at March 31, 2024 and December 31, 2023, respectively | 77,484 | 73,398 |
Acquired lease intangible assets, less accumulated amortization of $364,829 and $364,413 at March 31, 2024 and December 31, 2023, respectively | 266,831 | 283,375 |
Right of use assets, net | 326,047 | 328,002 |
Other assets | 399,433 | 283,429 |
Total assets | 12,650,903 | 12,426,913 |
Liabilities: | ||
Notes payable, net | 4,387,181 | 4,001,949 |
Unsecured credit facility | 30,000 | 152,000 |
Accounts payable and other liabilities | 344,641 | 358,612 |
Acquired lease intangible liabilities, less accumulated amortization of $202,474 and $211,067 at March 31, 2024 and December 31, 2023, respectively | 389,908 | 398,302 |
Lease liabilities | 245,235 | 246,063 |
Tenants' security, escrow deposits and prepaid rent | 75,919 | 78,052 |
Total liabilities | 5,472,884 | 5,234,978 |
Commitments and contingencies | ||
Shareholders' equity/Partners' capital: | ||
Preferred units $0.01 par value per unit, 30,000,000 units authorized; 9,000,000 units issued and outstanding, in the aggregate, in Series A and Series B at March 31, 2024 and December 31, 2023 with liquidation preference of $25 per unit | 225,000 | 225,000 |
General partner's common units, 184,774,486 and 184,581,070 units issued and outstanding at March 31,2024 and December 31,2023, respectively | 6,790,246 | 6,808,995 |
Limited partners' common units, 1,099,516 and 1,107,454 units issued and outstanding at March 31, 2024 and December 31, 2023 respectively | 41,606 | 42,195 |
Accumulated other comprehensive income (loss) | 4,465 | (1,308) |
Total partners' capital | 7,061,317 | 7,074,882 |
Noncontrolling interests: | ||
Limited partners' interests in consolidated partnerships | 116,702 | 117,053 |
Total capital | 7,178,019 | 7,191,935 |
Total liabilities and equity | $ 12,650,903 | $ 12,426,913 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Restricted cash and cash equivalent | $ 5,401 | $ 6,383 |
Deferred costs accumulated amortization | 125,643 | 124,107 |
Accumulated amortization of acquired lease intangible assets | 364,829 | 364,413 |
Accumulated accretion of acquired lease intangible liabilities | $ 202,474 | $ 211,067 |
Preferred stock, par value per share | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 30,000,000 | 30,000,000 |
Preferred stock, shares issued | 9,000,000 | 9,000,000 |
Preferred stock, shares outstanding | 9,000,000 | 9,000,000 |
Preferred stock, liquidation preferences | $ 25 | $ 25 |
Common stock, par value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 220,000,000 | 220,000,000 |
Common stock, shares issued | 184,774,486 | 184,581,070 |
Common stock, shares outstanding | 184,774,486 | 184,581,070 |
Treasury stock, shares held at cost | 452,690 | 448,140 |
Exchangeable operating partnership units aggregate redemption value | $ 66,587 | $ 74,199 |
Partnership Interest [Member] | ||
Restricted cash and cash equivalent | 5,401 | 6,383 |
Deferred costs accumulated amortization | 125,643 | 124,107 |
Accumulated amortization of acquired lease intangible assets | 364,829 | 364,413 |
Accumulated accretion of acquired lease intangible liabilities | $ 202,474 | $ 211,067 |
Preferred stock, par value per units | $ 0.01 | $ 0.01 |
Preferred units, authorized | 30,000,000 | 30,000,000 |
Preferred units, issued | 9,000,000 | 9,000,000 |
Preferred units, outstanding | 9,000,000 | 9,000,000 |
Preferred units of general partner units, outstanding | 9,000,000 | 9,000,000 |
Preferred units of general partner units, liquidation preferences | $ 25 | $ 25 |
General partner units, issued | 184,774,486 | 184,581,070 |
General partner units, outstanding | 184,774,486 | 184,581,070 |
Limited partner units, issued | 1,099,516 | 1,107,454 |
Limited partner units, outstanding | 1,099,516 | 1,107,454 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenues: | ||
Lease income | $ 353,106 | $ 308,801 |
Other property income | 4,350 | 3,138 |
Management, transaction, and other fees | 6,396 | 6,038 |
Total revenues | 363,852 | 317,977 |
Operating expenses: | ||
Depreciation and amortization | 97,585 | 82,707 |
Property operating expense | 63,274 | 51,022 |
Real estate taxes | 44,307 | 38,477 |
General and administrative | 26,132 | 25,280 |
Other operating expenses (income) | 2,643 | (497) |
Total operating expenses | 233,941 | 196,989 |
Other expense, net: | ||
Interest expense, net | 42,868 | 36,393 |
Gain on sale of real estate, net of tax | (11,403) | (250) |
Loss on early extinguishment of debt | 180 | |
Net investment income | (2,431) | (1,727) |
Total other expense, net | 29,214 | 34,416 |
Income before equity in income of investments in real estate partnerships | 100,697 | 86,572 |
Equity in income of investments in real estate partnerships | 11,961 | 11,916 |
Net income | 112,658 | 98,488 |
Noncontrolling interests: | ||
Exchangeable operating partnership units | (642) | (420) |
Limited partners' interests in consolidated partnerships | (2,242) | (787) |
Net income attributable to noncontrolling interests | (2,884) | (1,207) |
Net income attributable to the Company/ Partnership | 109,774 | 97,281 |
Preferred stock dividends | (3,413) | |
Net income attributable to common shareholders | $ 106,361 | $ 97,281 |
Net income per common share - basic | $ 0.58 | $ 0.57 |
Net income per common share - diluted | $ 0.58 | $ 0.57 |
Partnership Interest [Member] | ||
Revenues: | ||
Lease income | $ 353,106 | $ 308,801 |
Other property income | 4,350 | 3,138 |
Management, transaction, and other fees | 6,396 | 6,038 |
Total revenues | 363,852 | 317,977 |
Operating expenses: | ||
Depreciation and amortization | 97,585 | 82,707 |
Property operating expense | 63,274 | 51,022 |
Real estate taxes | 44,307 | 38,477 |
General and administrative | 26,132 | 25,280 |
Other operating expenses (income) | 2,643 | (497) |
Total operating expenses | 233,941 | 196,989 |
Other expense, net: | ||
Interest expense, net | 42,868 | 36,393 |
Gain on sale of real estate, net of tax | (11,403) | (250) |
Loss on early extinguishment of debt | 180 | |
Net investment income | (2,431) | (1,727) |
Total other expense, net | 29,214 | 34,416 |
Income before equity in income of investments in real estate partnerships | 100,697 | 86,572 |
Equity in income of investments in real estate partnerships | 11,961 | 11,916 |
Net income | 112,658 | 98,488 |
Noncontrolling interests: | ||
Limited partners' interests in consolidated partnerships | (2,242) | (787) |
Net income attributable to noncontrolling interests | (2,242) | (787) |
Net income attributable to the Company/ Partnership | 110,416 | 97,701 |
Preferred unit distributions | (3,413) | |
Net income attributable to common unit holders | $ 107,003 | $ 97,701 |
Net income per common unit - basic | $ 0.58 | $ 0.57 |
Net income per common unit - diluted | $ 0.58 | $ 0.57 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net income | $ 112,658 | $ 98,488 |
Other comprehensive income (loss): | ||
Effective portion of change in fair value of derivative instruments | 8,593 | (2,736) |
Reclassification adjustment of derivative instruments included in net income | (2,367) | (1,492) |
Unrealized (loss) gain on available-for-sale debt securities | (119) | 192 |
Other comprehensive income (loss) | 6,107 | (4,036) |
Comprehensive income | 118,765 | 94,452 |
Less: comprehensive income attributable to noncontrolling interests: | ||
Net income attributable to noncontrolling interests | 2,884 | 1,207 |
Other comprehensive income (loss) attributable to noncontrolling interests | 334 | (403) |
Comprehensive income attributable to noncontrolling interests | 3,218 | 804 |
Comprehensive income attributable to the Company | 115,547 | 93,648 |
Partnership Interest [Member] | ||
Net income | 112,658 | 98,488 |
Other comprehensive income (loss): | ||
Effective portion of change in fair value of derivative instruments | 8,593 | (2,736) |
Reclassification adjustment of derivative instruments included in net income | (2,367) | (1,492) |
Unrealized (loss) gain on available-for-sale debt securities | (119) | 192 |
Other comprehensive income (loss) | 6,107 | (4,036) |
Comprehensive income | 118,765 | 94,452 |
Less: comprehensive income attributable to noncontrolling interests: | ||
Net income attributable to noncontrolling interests | 2,242 | 787 |
Other comprehensive income (loss) attributable to noncontrolling interests | 299 | (387) |
Comprehensive income attributable to noncontrolling interests | 2,541 | 400 |
Comprehensive income attributable to the Company | $ 116,224 | $ 94,052 |
Consolidated Statements of Equi
Consolidated Statements of Equity (Unaudited) - USD ($) $ in Thousands | Total | Preferred Stock [Member] | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Distributions in Excess of Net Income [Member] | Total Shareholders' Equity [Member] | Noncontrolling Interests Exchangeable Operating Partnership Units [Member] | Noncontrolling Interests in Limited Partners' Interest in Consolidated Partnerships [Member] | Total Noncontrolling Interest [Member] |
Beginning Balance at Dec. 31, 2022 | $ 6,178,039 | $ 1,711 | $ (24,461) | $ 7,877,152 | $ 7,560 | $ (1,764,977) | $ 6,096,985 | $ 34,489 | $ 46,565 | $ 81,054 | |
Net income | 98,488 | 97,281 | 97,281 | 420 | 787 | 1,207 | |||||
Other comprehensive income (loss) | |||||||||||
Other comprehensive income before reclassification | (2,544) | (2,316) | (2,316) | (11) | (217) | (228) | |||||
Amounts reclassified from accumulated other comprehensive income (loss) | (1,492) | (1,317) | (1,317) | (5) | (170) | (175) | |||||
Deferred compensation plan, net | (1,238) | 1,238 | |||||||||
Restricted stock issued, net of amortization | 4,819 | 2 | 4,817 | 4,819 | |||||||
Common stock repurchased for taxes withheld for stock based compensation, net | (6,920) | (6,920) | (6,920) | ||||||||
Common stock repurchased and retired | (20,006) | (3) | (20,003) | (20,006) | |||||||
Common stock issued under dividend reinvestment plan | 142 | 142 | 142 | ||||||||
Contributions from partners | 1,777 | 1,777 | 1,777 | ||||||||
Distributions to partners | (1,039) | (1,039) | (1,039) | ||||||||
Cash dividends declared - common stock/unit | (111,829) | (111,347) | (111,347) | (482) | (482) | ||||||
Ending Balance at Mar. 31, 2023 | 6,139,435 | 1,710 | (25,699) | 7,856,426 | 3,927 | (1,779,043) | 6,057,321 | 34,411 | 47,703 | 82,114 | |
Beginning Balance at Dec. 31, 2023 | 7,191,935 | $ 225,000 | 1,846 | (25,488) | 8,704,240 | (1,308) | (1,871,603) | 7,032,687 | 42,195 | 117,053 | 159,248 |
Net income | 112,658 | 109,774 | 109,774 | 642 | 2,242 | 2,884 | |||||
Other comprehensive income (loss) | |||||||||||
Other comprehensive income before reclassification | 8,474 | 7,987 | 7,987 | 48 | 439 | 487 | |||||
Amounts reclassified from accumulated other comprehensive income (loss) | (2,367) | (2,214) | (2,214) | (13) | (140) | (153) | |||||
Deferred compensation plan, net | (833) | 833 | |||||||||
Restricted stock issued, net of amortization | 6,576 | 2 | 6,574 | 6,576 | |||||||
Common stock repurchased for taxes withheld for stock based compensation, net | (8,578) | (8,578) | (8,578) | ||||||||
Common stock issued under dividend reinvestment plan | 158 | 158 | 158 | ||||||||
Common stock issued for exchangeable operating partnership units | 529 | 529 | (529) | (529) | |||||||
Contributions from partners | 1,472 | 1,472 | 1,472 | ||||||||
Distributions to partners | (4,364) | (4,364) | (4,364) | ||||||||
Cash dividends declared - preferred stock/unit | (3,413) | (3,413) | (3,413) | ||||||||
Cash dividends declared - common stock/unit | (124,532) | (123,795) | (123,795) | (737) | (737) | ||||||
Ending Balance at Mar. 31, 2024 | $ 7,178,019 | $ 225,000 | $ 1,848 | $ (26,321) | $ 8,703,756 | $ 4,465 | $ (1,889,037) | $ 7,019,711 | $ 41,606 | $ 116,702 | $ 158,308 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | ||
May 02, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Stockholders' Equity [Abstract] | |||
Common stock/unit per share | $ 0.65 | $ 0.67 | $ 0.65 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities: | ||
Net income | $ 112,658 | $ 98,488 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 97,585 | 82,707 |
Amortization of deferred loan costs and debt premiums | 2,762 | 1,490 |
Accretion of above and below market lease intangibles, net | (5,287) | (5,478) |
Stock-based compensation, net of capitalization | 6,294 | 4,810 |
Equity in income of investments in real estate partnerships | (11,961) | (11,916) |
Gain on sale of real estate, net of tax | (11,403) | (250) |
Loss on early extinguishment of debt | 180 | |
Distribution of earnings from investments in real estate partnerships | 16,960 | 14,524 |
Deferred compensation expense | 2,089 | 1,448 |
Realized and unrealized gain on investments | (2,358) | (1,674) |
Changes in assets and liabilities: | ||
Tenant and other receivables | 1,220 | 6,710 |
Deferred leasing costs | (3,714) | (672) |
Other assets | (15,724) | (12,631) |
Accounts payable and other liabilities | (19,410) | (20,858) |
Tenants' security, escrow deposits and prepaid rent | (2,133) | 5,401 |
Net cash provided by operating activities | 167,758 | 162,099 |
Cash flows from investing activities: | ||
Real estate development and capital improvements | (60,850) | (44,569) |
Proceeds from sale of real estate | 30,033 | 3,603 |
Proceeds from property insurance casualty claims | 4,110 | |
Issuance of notes receivable | (29,830) | |
Collection of notes receivable | 1,561 | |
Investments in real estate partnerships | (4,156) | (604) |
Return of capital from investments in real estate partnerships | 3,152 | |
Dividends on investment securities | 122 | 187 |
Acquisition of investment securities | (92,527) | (2,171) |
Proceeds from sale of investment securities | 6,049 | 4,504 |
Net cash used in investing activities | (142,336) | (39,050) |
Cash flows from financing activities: | ||
Repurchase of common shares in conjunction with equity award plans | (8,730) | (7,066) |
Common shares repurchased through share repurchase program | (20,006) | |
Proceeds from sale of treasury stock | 210 | 2 |
Contributions from limited partners in consolidated partnerships | 1,472 | 738 |
Distributions to limited partners in consolidated partnerships | (4,364) | |
Distributions to exchangeable operating partnership unit holders | (742) | (482) |
Dividends paid to common shareholders | (123,507) | (111,085) |
Dividends paid to preferred unit holders/shareholders | (3,413) | |
Proceeds from issuance of fixed rate unsecured notes, net of debt discount | 398,468 | |
Proceeds from unsecured credit facilities | 132,419 | 115,000 |
Repayment of unsecured credit facilities | (254,419) | (85,000) |
Proceeds from notes payable | 15,500 | |
Repayment of notes payable | (7,597) | (28,306) |
Scheduled principal payments | (3,183) | (2,836) |
Payment of loan costs | (13,289) | (141) |
Net cash provided by (used in) financing activities | 113,325 | (123,682) |
Net increase (decrease) in cash and cash equivalents and restricted cash | 138,747 | (633) |
Cash and cash equivalents and restricted cash at beginning of the period | 91,354 | 68,776 |
Cash and cash equivalents and restricted cash at end of the period | 230,101 | 68,143 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest (net of capitalized interest of $1,656 and $1,250 in 2024 and 2023, respectively) | 47,981 | 44,107 |
Cash paid for income taxes, net of refunds | 6,070 | 112 |
Supplemental disclosure of non-cash transactions: | ||
Common and Preferred stock, and exchangeable operating partnership dividends declared but not paid | 126,807 | 111,829 |
Right of use assets obtained in exchange for new operating lease liabilities | 829 | |
Sale of leased asset in exchange for net investment in sales-type lease | 703 | |
Common stock issued for partnership units exchanged | 529 | |
Change in accrued capital expenditures | 1,619 | 10,596 |
Common stock issued under dividend reinvestment plan | 158 | 142 |
Stock-based compensation capitalized | 434 | 155 |
Contributions from limited partners in consolidated partnerships | 231 | |
Common stock issued for dividend reinvestment in trust | 301 | 303 |
Contribution of stock awards into trust | 1,048 | 1,201 |
Distribution of stock held in trust | 476 | 265 |
Change in fair value of securities | 118 | 243 |
Partnership Interest [Member] | ||
Cash flows from operating activities: | ||
Net income | 112,658 | 98,488 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 97,585 | 82,707 |
Amortization of deferred loan costs and debt premiums | 2,762 | 1,490 |
Accretion of above and below market lease intangibles, net | (5,287) | (5,478) |
Stock-based compensation, net of capitalization | 6,294 | 4,810 |
Equity in income of investments in real estate partnerships | (11,961) | (11,916) |
Gain on sale of real estate, net of tax | (11,403) | (250) |
Loss on early extinguishment of debt | 180 | |
Distribution of earnings from investments in real estate partnerships | 16,960 | 14,524 |
Deferred compensation expense | 2,089 | 1,448 |
Realized and unrealized gain on investments | (2,358) | (1,674) |
Changes in assets and liabilities: | ||
Tenant and other receivables | 1,220 | 6,710 |
Deferred leasing costs | (3,714) | (672) |
Other assets | (15,724) | (12,631) |
Accounts payable and other liabilities | (19,410) | (20,858) |
Tenants' security, escrow deposits and prepaid rent | (2,133) | 5,401 |
Net cash provided by operating activities | 167,758 | 162,099 |
Cash flows from investing activities: | ||
Real estate development and capital improvements | (60,850) | (44,569) |
Proceeds from sale of real estate | 30,033 | 3,603 |
Proceeds from property insurance casualty claims | 4,110 | |
Issuance of notes receivable | (29,830) | |
Collection of notes receivable | 1,561 | |
Investments in real estate partnerships | (4,156) | (604) |
Return of capital from investments in real estate partnerships | 3,152 | |
Dividends on investment securities | 122 | 187 |
Acquisition of investment securities | (92,527) | (2,171) |
Proceeds from sale of investment securities | 6,049 | 4,504 |
Net cash used in investing activities | (142,336) | (39,050) |
Cash flows from financing activities: | ||
Repurchase of common shares in conjunction with equity award plans | (8,730) | (7,066) |
Common shares repurchased through share repurchase program | (20,006) | |
Proceeds from sale of treasury stock | 210 | 2 |
Contributions from limited partners in consolidated partnerships | 1,472 | 738 |
Distributions to limited partners in consolidated partnerships | (4,364) | |
Dividends paid to common shareholders | (124,249) | (111,567) |
Dividends paid to preferred unit holders/shareholders | (3,413) | |
Proceeds from issuance of fixed rate unsecured notes, net of debt discount | 398,468 | |
Proceeds from unsecured credit facilities | 132,419 | 115,000 |
Repayment of unsecured credit facilities | (254,419) | (85,000) |
Proceeds from notes payable | 15,500 | |
Repayment of notes payable | (7,597) | (28,306) |
Scheduled principal payments | (3,183) | (2,836) |
Payment of loan costs | (13,289) | (141) |
Net cash provided by (used in) financing activities | 113,325 | (123,682) |
Net increase (decrease) in cash and cash equivalents and restricted cash | 138,747 | (633) |
Cash and cash equivalents and restricted cash at beginning of the period | 91,354 | 68,776 |
Cash and cash equivalents and restricted cash at end of the period | 230,101 | 68,143 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest (net of capitalized interest of $1,656 and $1,250 in 2024 and 2023, respectively) | 47,981 | 44,107 |
Cash paid for income taxes, net of refunds | 6,070 | 112 |
Supplemental disclosure of non-cash transactions: | ||
Common and Preferred stock, and exchangeable operating partnership dividends declared but not paid | 126,807 | 111,829 |
Right of use assets obtained in exchange for new operating lease liabilities | 829 | |
Sale of leased asset in exchange for net investment in sales-type lease | 703 | |
Common stock issued by Parent Company for partnership units exchanged | 529 | |
Change in accrued capital expenditures | 1,619 | 10,596 |
Common stock issued under dividend reinvestment plan | 158 | 142 |
Stock-based compensation capitalized | 434 | 155 |
Contributions from limited partners in consolidated partnerships | 231 | |
Common stock issued for dividend reinvestment in trust | 301 | 303 |
Contribution of stock awards into trust | 1,048 | 1,201 |
Distribution of stock held in trust | 476 | 265 |
Change in fair value of securities | $ 118 | $ 243 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Capitalized interest | $ 1,656 | $ 1,250 |
Partnership Interest [Member] | ||
Capitalized interest | $ 1,656 | $ 1,250 |
Consolidated Statements of Capi
Consolidated Statements of Capital (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net income | $ 112,658 | $ 98,488 |
Other comprehensive income (loss) | ||
Amounts reclassified from accumulated other comprehensive income (loss) | (2,367) | (1,492) |
Contributions from partners | 1,472 | 1,777 |
Distributions to partners | (4,364) | (1,039) |
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization | 6,576 | 4,819 |
Total Partners' Capital [Member] | ||
Net income | 109,774 | 97,281 |
Other comprehensive income (loss) | ||
Amounts reclassified from accumulated other comprehensive income (loss) | (2,214) | (1,317) |
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization | 6,576 | 4,819 |
Partnership Interest [Member] | ||
Beginning Balance | 7,191,935 | 6,178,039 |
Net income | 112,658 | 98,488 |
Other comprehensive income (loss) | ||
Other comprehensive income (loss) before reclassification | 8,474 | (2,544) |
Amounts reclassified from accumulated other comprehensive income (loss) | (2,367) | (1,492) |
Contributions from partners | 1,472 | 1,777 |
Distributions to partners | (128,896) | (112,868) |
Preferred unit distributions | (3,413) | |
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization | 6,576 | 4,819 |
Common units repurchased and retired as a result of common stock repurchased and retired by Parent Company | (20,006) | |
Common units repurchased as a result of common stock repurchased by Parent Company, net of issuances | (8,420) | (6,778) |
Ending Balance | 7,178,019 | 6,139,435 |
Partnership Interest [Member] | Total Partners' Capital [Member] | ||
Beginning Balance | 7,074,882 | 6,131,474 |
Net income | 110,416 | 97,701 |
Other comprehensive income (loss) | ||
Other comprehensive income (loss) before reclassification | 8,035 | (2,327) |
Amounts reclassified from accumulated other comprehensive income (loss) | (2,227) | (1,322) |
Distributions to partners | (124,532) | (111,829) |
Preferred unit distributions | (3,413) | |
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization | 6,576 | 4,819 |
Common units repurchased and retired as a result of common stock repurchased and retired by Parent Company | (20,006) | |
Common units repurchased as a result of common stock repurchased by Parent Company, net of issuances | (8,420) | (6,778) |
Ending Balance | 7,061,317 | 6,091,732 |
Partnership Interest [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | ||
Beginning Balance | (1,308) | 7,560 |
Other comprehensive income (loss) | ||
Other comprehensive income (loss) before reclassification | 7,987 | (2,316) |
Amounts reclassified from accumulated other comprehensive income (loss) | (2,214) | (1,317) |
Ending Balance | 4,465 | 3,927 |
Partnership Interest [Member] | Noncontrolling Interests In Limited Partners Interest In Consolidated Partnerships [Member] | ||
Beginning Balance | 117,053 | 46,565 |
Net income | 2,242 | 787 |
Other comprehensive income (loss) | ||
Other comprehensive income (loss) before reclassification | 439 | (217) |
Amounts reclassified from accumulated other comprehensive income (loss) | (140) | (170) |
Contributions from partners | 1,472 | 1,777 |
Distributions to partners | (4,364) | (1,039) |
Ending Balance | 116,702 | 47,703 |
Partnership Interest [Member] | General Partner Preferred and Common Units [Member] | ||
Beginning Balance | 7,033,995 | 6,089,425 |
Net income | 109,774 | 97,281 |
Other comprehensive income (loss) | ||
Distributions to partners | (123,795) | (111,347) |
Preferred unit distributions | (3,413) | |
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization | 6,576 | 4,819 |
Common units repurchased and retired as a result of common stock repurchased and retired by Parent Company | (20,006) | |
Common units repurchased as a result of common stock repurchased by Parent Company, net of issuances | (8,420) | (6,778) |
Exchangeable operating partnership units converted to common stock of Parent Company | 529 | |
Ending Balance | 7,015,246 | 6,053,394 |
Partnership Interest [Member] | Limited Partner [Member] | ||
Beginning Balance | 42,195 | 34,489 |
Net income | 642 | 420 |
Other comprehensive income (loss) | ||
Other comprehensive income (loss) before reclassification | 48 | (11) |
Amounts reclassified from accumulated other comprehensive income (loss) | (13) | (5) |
Distributions to partners | (737) | (482) |
Exchangeable operating partnership units converted to common stock of Parent Company | (529) | |
Ending Balance | $ 41,606 | $ 34,411 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ 109,774 | $ 97,281 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Organization and Significant Ac
Organization and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Significant Accounting Policies | 1. O rganization and Significant Accounting Policies General Regency Centers Corporation (the "Parent Company") began its operations as a REIT in 1993 and is the general partner of Regency Centers, L.P. (the "Operating Partnership"). The Parent Company primarily engages in the ownership, management, leasing, acquisition, development, and redevelopment of shopping centers through the Operating Partnership and has no other assets other than through its investment in the Operating Partnership. Its only liabilities are $ 200 million of unsecured private placement notes, which are co-issued and guaranteed by the Operating Partnership. The Parent Company guarantees all of the unsecured debt of the Operating Partnership. As of March 31, 2024, the Parent Company, the Operating Partnership, and their controlled subsidiaries on a consolidated basis ow ned 381 properties and held partial interests in an additional 101 properties through unconsolidated Investments in real estate partnerships (also referred to as "joint ventures" or "investment partnerships"). Basis of Presentation The information included in this Report should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2023, as certain disclosures in this Report that would duplicate those included in such Annual Report on Form 10-K are not included in these consolidated financial statements. The consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to fairly state the results for the interim periods presented. These adjustments are considered to be of a normal recurring nature. Acquisition of Urstadt Biddle Properties Inc. On August 18, 2023 , the Company acquired Urstadt Biddle Properties Inc. ("UBP") which was accounted for as an asset acquisitio n. Under the terms of the merger agreement, each share of Urstadt Biddle common stock and Urstadt Biddle Class A common stock was converted into 0.347 of a share of common stock of the Parent Company. Additionally, each share of UBP’s 6.25 % Series H Cumulative Redeemable Preferred Stock and 5.875 % Series K Cumulative Redeemable Preferred Stock was converted into one share of Parent Company Series A preferred stock and Parent Company Series B preferred stock, respectively. As a result of the acquisition, the Company acquired 74 properties representing 5.3 million square feet of GLA, including 10 properties held through real estate partnerships. See the Company's audited Annual Report on Form 10-K for the year ended December 31, 2023 for further disclosure regarding the acquisition transaction. Risks and Uncertainties The success of the Company's tenants in operating their businesses and their corresponding ability to pay rent continue to be influenced by current economic challenges, which may impact their cost of doing business, including but not limited to the impact of inflation, the cost and availability of labor, increasing energy prices and interest rates, and access to credit. Additionally, geopolitical and macroeconomic challenges, including the war involving Russia and Ukraine, current Middle East conflicts and wars, and the economic conflicts with China, as well as the slowing of its economy, could impact aspects of the U.S. economy and, therefore, consumer spending. The policies implemented by the U.S. government to address these and related issues, including changes by the Board of Governors of the Federal Reserve System of its benchmark federal funds rate, increases in federal government spending, and economic sanctions and tariffs, could result in adverse impacts on the U.S. economy, including a slowing of growth and potentially a recession, thereby impacting consumer spending, tenants' businesses, and/or decreasing future demand for space in shopping centers. The potential impact of current macroeconomic and geopolitical challenges on the Company's financial condition, results of operations, and cash flows is subject to change and continues to depend on the extent and duration of these risks and uncertainties. See Item 1A of Part I of the Company's Annual Report on Form 10-K for a more detailed discussion of the Risk Factors potentially impacting the Company's business and results of operations. Consolidation The Company consolidates properties that are wholly-owned, and properties where it owns less than 100% but holds a controlling financial interest in the partnerships. Controlling financial interest is determined using an evaluation based on accounting standards related to the consolidation of Variable Interest Entities ("VIEs") and voting interest entities. Ownership of the Parent Company The Parent Company has a single class of common stock and two series of preferred stock outstanding. Ownership of the Operating Partnership The Operating Partnership's capital includes Common Units and Preferred Units. As of March 31, 2024, the Parent Company owned approximately 99.4 % of the outstanding Common Units, with the remaining Common Units held by third parties ("Exchangeable operating partnership units" or "EOP units"). The Parent Company currently owns all of the Preferred Units. Real Estate Partnerships As of March 31, 2024, Regency held partial ownership interests in 119 properties through real estate partnerships, of which 18 are consolidated. Regency's partners include institutional investors, real estate developers and/or operators, and passive investors (the "Partners" or "Limited Partners"). These partnerships have been established to own and operate real estate properties. The Company’s involvement with these entities is through its ownership and management of the properties. The entities were deemed VIEs primarily because the unrelated investors do not have substantive kick-out rights to remove the general or managing partner by a vote of a simple majority or less, and they do not have substantive participating rights. Regency has variable interests in these entities through its equity ownership, with Regency being the primary beneficiary in certain of these real estate partnerships. Regency consolidates the partnerships into its financial statements for which it is the primary beneficiary and reports the limited partners' interests as noncontrolling interests. For those partnerships which Regency is not the primary beneficiary and does not have a controlling financial interest, but has significant influence, Regency recognizes its equity investments in them in accordance with the equity method of accounting. The assets of these partnerships are restricted to use by the respective partnerships and cannot be reached by general creditors of the Company. Similarly, the obligations of the partnerships are backed by, and can only be settled through the assets of these partnerships or by additional capital contributions by the partners. The carrying amounts of VIEs' assets and liabilities included in the Company's consolidated financial statements, exclusive of the Operating Partnership, are as follows: (in thousands) March 31, 2024 December 31, 2023 Assets Real estate assets, net $ 276,484 270,674 Cash, cash equivalents and restricted cash 8,324 8,201 Tenant and other receivables, net 4,777 3,883 Deferred costs, net 2,406 2,494 Acquired lease intangible assets, net 11,284 12,099 Right of use assets, net 44,102 44,377 Other assets 1,574 893 Total Assets $ 348,951 342,621 Liabilities Notes payable $ 33,092 33,211 Accounts payable and other liabilities 31,853 29,919 Acquired lease intangible liabilities, net 21,103 21,456 Tenants' security, escrow deposits and prepaid rent 1,112 1,239 Lease liabilities 21,482 21,433 Total Liabilities $ 108,642 107,258 Revenues, and Tenant and other Receivables Other property income includes parking fees and other incidental income from the properties and is generally recognized at the point in time that the performance obligation is met. Income within Management, transaction, and other fees on the Consolidated Statements of Operations is primarily derived from contracts with the Company's real estate partnerships. The primary components of these revenue streams, the timing of satisfying the performance obligations, and amounts are as follows: Three months ended March 31, (in thousands) Timing of satisfaction of performance obligations 2024 2023 Management, transaction, and other fees: Property management services Over time $ 3,961 3,458 Asset management services Over time 1,602 1,629 Leasing services Point in time 574 718 Other fees Point in time 259 233 Total management, transaction, and other fees $ 6,396 6,038 The accounts receivable for management, transactions, and other fees, which are included within Tenant and other receivables in the accompanying Consolidated Balance Sheets, are $ 16.5 million and $ 18.5 million , as of March 31, 2024 and December 31, 2023 , respectively. Recent Accounting Pronouncements The following table provides a brief description of recently adopted accounting pronouncements and impact on our financial statements: Standard Description Earlier of Effective Date or the Date of adoption Effect on the financial statements or other significant matters Recently adopted : ASU 2023-07 , Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures The amendments are aimed at enhancing the disclosures public entities provide regarding significant segment expenses so that investors can “better understand an entity’s overall performance” and assess “potential future cash flows.” January 1, 2024 The standard became effective for the Company on January 1, 2024 and the required disclosures for the Company will begin with its Annual Report on Form 10-K for the fiscal year ending December 31, 2024. The adoption and implementation of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. ASU 2023-09 , Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires public business entities to disclose additional information in specified categories with respect to the reconciliation of the effective tax rate to the statutory rate for federal, state, and foreign income taxes. It also requires greater detail about individual reconciling items in the rate reconciliation to the extent the impact of those items exceeds a specified threshold. January 1, 2025 The Company will review the extent of new disclosures necessary prior to implementation. O t her than additional disclosure, the adoption of this ASU is not expected to have a material impact on the Company's financial position and/or results of operations. |
Real Estate Investments
Real Estate Investments | 3 Months Ended |
Mar. 31, 2024 | |
Business Combinations [Abstract] | |
Real Estate Investments | 2. Real Estate Investments The table below details properties acquired during the three months ended March 31, 2024: (in thousands) Three months ended March 31, 2024 Date Purchased Property Name City/State Property Regency Ownership Purchase (1) Debt (1) Intangible (1) Intangible (1) Consolidated 2/23/2024 The Shops at Stone Bridge Cheshire, CT Development 100 % $ 8,000 — — — Total consolidated $ 8,000 — — — (1) Amounts for purchase price and allocation are reflected at 100 %. The Company had no property acquisitions during the three months ended March 31, 2023 . |
Property Dispositions and Asset
Property Dispositions and Assets Held for Sale | 3 Months Ended |
Mar. 31, 2024 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Property Dispositions and Assets Held for Sale | 3. Property Dispositions and Assets Held for Sale The following table provides a summary of consolidated shopping centers and land parcels sold during the periods set forth below: Three months ended March 31, (in thousands, except number sold data) 2024 2023 Net proceeds from sale of real estate investments $ 30,033 2,923 Gain on sale of real estate, net of tax 11,403 250 Number of operating properties sold 1 — Number of land parcels sold — 1 Percent interest sold 100 % 100 % As of March 31, 2024 the Company had one property held for sale. As of December 31, 2023 the Company had one property held for sale that was subsequently sold during the period as noted in the table above. There were no liabilities associated with the properties classified as held for sale. The following table presents the assets associated with the properties classified as held for sale: (in thousands) March 31, 2024 December 31, 2023 Land and improvements $ 27,003 9,120 Buildings and improvements 9,425 12,551 Less: accumulated depreciation ( 2,928 ) ( 3,461 ) Real estate, net 33,500 18,210 Other assets, net 72 668 Assets associated with real estate assets held for sale $ 33,572 18,878 |
Other Assets
Other Assets | 3 Months Ended |
Mar. 31, 2024 | |
Other Assets [Abstract] | |
Other Assets | 4. Other Assets The following table represents the components of Other assets in the accompanying Consolidated Balance Sheets as of the dates set forth below: (in thousands) March 31, 2024 December 31, 2023 Goodwill $ 167,062 167,062 Investments (1) 140,587 51,992 Prepaid and other 56,937 40,635 Derivative assets 16,711 14,213 Furniture, fixtures, and equipment, net ("FF&E") 6,424 6,662 Deferred financing costs, net (2) 11,712 2,865 Total other assets $ 399,433 283,429 (1) During the three months ended March 31, 2024 , the Company invested approximately $ 90 million in commercial deposits from the proceeds received from the January public offering of senior unsecured notes. (2) The Company incurred additional financing costs related to recasting its Line of Credit. See Note 5 — Notes Payable and Unsecured Credit Facilities for discussion regarding these transactions. |
Notes Payable and Unsecured Cre
Notes Payable and Unsecured Credit Facilities | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Notes Payable and Unsecured Credit Facilities | 5. Notes Payable and Unsecured Credit Facilities The Company's outstanding debt, net of unamortized debt premium (discount) and debt issuance costs, consisted of the following as of the dates set forth below: (in thousands) Maturing Weighted Weighted March 31, 2024 December 31, 2023 Notes payable: Fixed rate mortgage loans 6/1/2037 3.8 % 4.4 % $ 439,864 449,615 Variable rate mortgage loans (1) 1/31/2032 4.2 % 4.2 % 298,375 299,579 Fixed rate unsecured debt 3/15/2049 4.0 % 4.1 % 3,648,942 3,252,755 Total notes payable, net 4,387,181 4,001,949 Unsecured credit facilities: $ 1.5 Billion Line of Credit (the "Line") (2) 3/23/2028 6.3 % 6.7 % 30,000 152,000 Total unsecured credit facilities 30,000 152,000 Total debt outstanding $ 4,417,181 4,153,949 (1) As of March 31, 2024, 98.3 % o f the variable rate mortgage loans are fixed through interest rate swaps. (2) The Line is scheduled to mature on March 23, 2028 . The Company has the option to extend the maturity for two additional six-month periods . Weighted average effective rate for the Line is calculated based on a fully drawn Line balance using the period end variable rate. On January 8, 2024, the Company priced a public offering of $ 400 million of senior unsecured notes due in 2034, and the notes were issued on January 18, 2024 at 99.617 % of par value with a coupon of 5.250 %. On January 18, 2024, the Company entered into a Sixth Amended and Restated Credit Agreement (the "Credit Agreement"), with the financial institutions party thereto, as lenders, and Wells Fargo Bank, National Association, as Administrative Agent. The Credit Agreement provides for an unsecured revolving credit facility in the amount of $ 1.50 billion for a term of four years (plus two six-month extension options ) and includes an accordion feature which permits the borrower to request increases in the size of the revolving loan facility by up to an additional $ 1.50 billion. The interest rate on the revolving credit facility is equal to the Secured Overnight Financing Rate ("SOFR") plus a margin that is determined based on the borrower’s long-term unsecured debt ratings and ratio of indebtedness to total asset value. At the time of the closing, the effective interest rate was SOFR plus a credit spread adjustment of 10 basis points plus a margin of 72.5 basis points. The Credit Agreement also incorporates sustainability-linked adjustments to the interest rate, which provide for upward or downward adjustments to the applicable margin if the Company achieves, or fails to achieve, certain specified targets based on Scope 1 and Scope 2 emission standards as set forth in the Credit Agreement. At the time of the closing, a 1 basis point downward sustainability-linked adjustment to the interest rate was applicable. Scheduled principal payments and maturities on notes payable and unsecured credit facilities were as follows: (in thousands) March 31, 2024 Scheduled Principal Payments and Maturities by Year: Scheduled Mortgage Unsecured (1) Total 2024 (2) $ 7,989 133,580 250,000 391,569 2025 9,678 52,537 250,000 312,215 2026 9,920 147,848 200,000 357,768 2027 7,013 222,558 525,000 754,571 2028 5,312 36,570 330,000 371,882 Beyond 5 Years 7,956 106,092 2,150,000 2,264,048 Unamortized debt premium/(discount) and issuance costs — ( 8,814 ) ( 26,058 ) ( 34,872 ) Total $ 47,868 690,371 3,678,942 4,417,181 (1) Includes unsecured public and private debt and unsecured credit facilities. (2) Reflects scheduled principal payments and maturities for the remainder of the year. The Company was in compliance as of March 31, 2024 , with all financial and other covenants under its unsecured public and private placement debt and unsecured credit facilities. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 6. Derivative Financial Instruments The Company may use derivative financial instruments, including interest rate swaps, caps, options, floors, and other interest rate derivative contracts, to hedge all or a portion of the interest rate risk associated with its borrowings. The principal objective of such arrangements is to minimize the risks and/or costs associated with the Company's operating and financial structure as well as to hedge specific anticipated transactions. The Company does not intend to utilize derivatives for speculative transactions or purposes other than mitigation of interest rate risk. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate this risk, the Company only enters into derivative financial instruments with counterparties with quality credit ratings. The Company does not anticipate that any of the counterparties will fail to meet their obligations. The Company's objectives in using interest rate derivatives are to attempt to stabilize interest expense where possible and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Detail on the Company's interest rate derivatives outstanding as of March 31, 2024 and December 31, 2023 is as follows: Number of Instruments Interest Rate Swaps March 31, 2024 December 31, 2023 Notional amount 323,678 294,928 Number of instruments 16 15 Detail on the fair value of the Company's interest rate derivatives as of March 31, 2024 and December 31, 2023 is as follows: (in thousands) Fair Value Interest rate swaps classified as: March 31, 2024 December 31, 2023 Derivative assets $ 16,711 14,213 Derivative liabilities ( 393 ) ( 1,335 ) These derivative financial instruments are all interest rate swaps, which are designated and qualify as cash flow hedges. The Company does not use derivatives for trading or speculative purposes and, as of March 31, 2024, does not have any derivatives that are not designated as hedges. The changes in the fair value of derivatives designated and qualifying as cash flow hedges are recorded in Accumulated other comprehensive income ("AOCI") and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The following table represents the effect of the derivative financial instruments on the accompanying Consolidated Financial Statements: Location and Amount of Gain (Loss) Recognized in OCI on Derivative Location and Amount of Gain (Loss) Reclassified from AOCI into Income Total amounts presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded Three months ended March 31, Three months ended March 31, Three months ended March 31, (in thousands) 2024 2023 2024 2023 2024 2023 Interest rate swaps $ 8,593 ( 2,736 ) Interest income $ ( 2,367 ) ( 1,492 ) Interest expense, net $ 42,868 36,393 As of March 31, 2024, the Company expects approximately $ 6.4 million of accumulated comprehensive income on derivative instruments in AOCI, including the Company's share from its Investments in real estate partnerships, to be reclassified into earnings during the next 12 months. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Leases | 7. Leases Substantially all of the Company's leases are classified as operating leases. The Company's Lease income is comprised of both fixed and variable income. Fixed and in-substance fixed lease income includes stated amounts per the lease contract, which are primarily related to base rent, and in some cases stated amounts for common area maintenance ("CAM"), real estate taxes, and insurance (collectively, "Recoverable Costs"). Income for these amounts is recognized on a straight-line basis. Variable lease income includes the following two main items in the lease contracts: • Recoveries from tenants represents the tenants' contractual obligations to reimburse the Company for their portion of Recoverable Costs incurred. Generally, the Company's leases provide for the tenants to reimburse the Company based on the tenants' share of the actual costs incurred in proportion to the tenants' share of leased space in the property. • Percentage rent represents amounts billable to tenants based on the tenants' actual sales volume in excess of levels specified in the lease contract. The following table provides a disaggregation of lease income recognized as either fixed or variable lease income based on the criteria specified in ASC Topic 842: (in thousands) Three months ended March 31, 2024 2023 Operating lease income Fixed and in-substance fixed lease income $ 256,626 219,641 Variable lease income 92,290 80,780 Other lease related income, net: Above/below market rent and tenant rent inducement amortization, net 5,823 5,865 Uncollectible straight-line rent (1) ( 400 ) 578 Uncollectible amounts billable in lease (loss) income ( 1,233 ) 1,937 Total lease income $ 353,106 308,801 (1) The amounts include straight-line rent adjustments associated with converting between cash basis and accrual basis accounting for certain leases. The following table represents the components of Tenant and other receivables, net of amounts considered uncollectible, in the accompanying Consolidated Balance Sheets: (in thousands) March 31, 2024 December 31, 2023 Tenant receivables $ 27,357 34,814 Straight-line rent receivables 144,022 138,590 Notes receivable 30,634 2,109 Other receivables (1) 27,394 30,649 Total tenant and other receivables $ 229,407 206,162 (1) Other receivables include construction receivables, insurance receivables, and amounts due from real estate partnerships for Management, transaction, and other fee income. During three months ended March 31, 2024 the Company issued a note receivable in the amount of $ 29.8 million at an interest rate of 6.9 % maturing in January 2027, secured by a grocery-anchored shopping center. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 8. Fair Value Measurements (a) Disclosure of Fair Value of Financial Instruments All financial instruments of the Company are reflected in the accompanying Consolidated Balance Sheets at amounts which, in management's estimation, reasonably approximate their fair values, except those instruments listed below : March 31, 2024 December 31, 2023 (in thousands) Carrying Fair Value Carrying Fair Value Financial assets: Notes receivable (1) $ 30,634 30,634 2,109 2,109 Financial liabilities: Notes payable, net $ 4,387,181 4,143,622 4,001,949 3,763,152 Unsecured credit facilities (1) $ 30,000 30,000 152,000 152,000 (1) The carrying amounts approximated its fair values due to the variable nature of the terms or the timing of issuance. The above fair values represent management's estimate of the amounts that would be received from selling those assets or that would be paid to transfer those liabilities in an orderly transaction between market participants as of March 31, 2024, and December 31, 2023, respectively. These fair value measurements maximize the use of observable inputs which are classified within Level 2 of the fair value hierarchy. However, in situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair value measurement reflects the Company's own judgments about the assumptions that market participants would use in pricing the asset or liability. The Company develops its judgments based on the best information available at the measurement date, including expected cash flows, appropriate risk-adjusted discount rates, and available observable and unobservable inputs. Service providers involved in fair value measurements are evaluated for competency and qualifications on an ongoing basis. As considerable judgment is often necessary to estimate the fair value of these financial instruments, the fair values presented above are not necessarily indicative of amounts that will be realized upon disposition of the financial instruments. (b) Recurring Fair Value The following financial instruments are measured at fair value on a recurring basis: Securities The Company has investments in marketable securities that are included within Other assets on the accompanying Consolidated Balance Sheets. The fair value of the securities was determined using quoted prices in active markets, which are considered Level 1 inputs of the fair value hierarchy. Changes in the value of securities are recorded within Net investment income in the accompanying Consolidated Statements of Operations, and include unrealized gains of $ 2.4 million and $ 1.6 million during the three months ended March 31, 2024 and 2023, respectively. Available-for-Sale Debt Securities Available-for-sale debt securities consist of investments in certificates of deposit and corporate bonds, and are recorded at fair value using either recent trade prices for the identical debt instrument or comparable instruments by issuers of similar industry sector, issuer rating, and size, to estimate fair value, which are considered Level 2 inputs of the fair value hierarchy. Unrealized gains or losses on these debt securities are recognized through Other comprehensive income. Interest Rate Derivatives The fair value of the Company's interest rate derivatives is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. The Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its interest rate swaps. As a result, the Company determined that its interest rate swaps valuation in its entirety is classified in Level 2 of the fair value hierarchy. The following tables present the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a recurring basis: Fair Value Measurements as of March 31, 2024 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (in thousands) Balance (Level 1) (Level 2) (Level 3) Assets: Securities $ 126,225 126,225 — — Available-for-sale debt securities 14,362 — 14,362 — Interest rate derivatives 16,711 — 16,711 — Total $ 157,298 126,225 31,073 — Liabilities: Interest rate derivatives $ ( 393 ) — ( 393 ) — Fair Value Measurements as of December 31, 2023 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (in thousands) Balance (Level 1) (Level 2) (Level 3) Assets: Securities $ 37,039 37,039 — — Available-for-sale debt securities 14,953 — 14,953 — Interest rate derivatives 14,213 — 14,213 — Total $ 66,205 37,039 29,166 — Liabilities: Interest rate derivatives $ ( 1,335 ) — ( 1,335 ) — |
Equity and Capital
Equity and Capital | 3 Months Ended |
Mar. 31, 2024 | |
Equity And Capital [Abstract] | |
Equity and Capital | 9. Equity and Capital Preferred Stock of the Parent Company Terms and conditions of the preferred stock outstanding are summarized as follows: Preferred Stock Outstanding as of March 31, 2024 and December 31, 2023 Date of Issuance Shares Issued and Outstanding Liquidation Preference Distribution Rate Callable By Company Series A 8/18/2023 4,600,000 $ 115,000,000 6.250 % On demand Series B 8/18/2023 4,400,000 110,000,000 5.875 % On or after 10/1/2024 9,000,000 $ 225,000,000 Dividends Declared On May 1, 2024 , the Board: • Declared dividends on the Series A Preferred Stock, which will be paid at a rate of $ 0.390625 per share on July 31, 2024 . The dividends will be payable to holders of record of the Series A Preferred Stock as of the close of business on July 16, 2024 ; and • Declared dividend on the Series B Preferred Stock, which will be paid at a rate of $ 0.367200 per share on July 31, 2024 . The dividend will be payable to holders of record of the Series B Preferred Stock as of the close of business on July 16, 2024 . Common Stock of the Parent Company Dividends Declared On May 1, 2024 , the Board declared a common stock dividend of $ 0.67 per share, payable on July 3, 2024 , to shareholders of record as of June 12, 2024 . On May 2, 2023 , our Board of Directors declared a common stock dividend of $ 0.65 per share, payable on July 6, 2023 , to shareholders of record as of June 14, 2023 . At the Market ("ATM") Program Under the Parent Company's ATM program, as authorized by the Board, the Parent Company may sell up to $ 500 million of common stock at prices determined by the market at the time of sale. The timing of sales, if any, will be dependent on market conditions and other factors. No sales occurred under the ATM program during both the three months ended March 31, 2024, and 2023. As of March 31, 2024 , $ 500 million of common stock remained available for issuance under this ATM equity program. Stock Repurchase Program The Board has authorized a common stock repurchase program under which the Company may purchase, from time to time, up to a maximum of $ 250 million of its outstanding common stock through open market purchases, and/or in privately negotiated transactions (referred to as the "Repurchase Program"). The timing and price of stock repurchases, if any, will be dependent upon market conditions and other factors. The stock repurchased, if not retired, would be treated as treasury stock. The Board's authorization for this Repurchase Program will expire on February 7, 2025 , unless modified, extended or earlier terminated by the Board. During the three months ended March 31, 2024 , the Company made no repurchases . At March 31, 2024 , $ 230.0 million remained available under this Repurchase Program. During the three months ended March 31, 2023 , the Company executed multiple trades to repurchase 349,519 common shares under the Repurchase Program for a total of $ 20.0 million at a weighted average price of $ 57.22 per share. All repurchased shares were retired on the respective settlement dates. Preferred Units of the Operating Partnership The number of Series A Preferred Units and Series B Preferred Units, respectively, issued by the Operating Partnership is equal to the number of Series A Preferred Stock and Series B Preferred Stock, respectively, issued by the Parent Company. Common Units of the Operating Partnership Common Units are issued, or redeemed and retired, for each share of the Parent Company stock issued or redeemed, or retired, as described above. During the three months ended March 31, 2024, 7,938 Pa rtnership Units were converted to Parent Company common stock. No such conversions took place during the three months ended March 31, 2023 . |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | 10. Stock-Based Compensation During the three months ended March 31, 2024 , the Company granted 322,159 shares of restricted stock with a weighted-average grant-date fair value of $ 60.31 per share . The Company records stock-based compensation expense within General and administrative expenses in the accompanying Consolidated Statements of Operations, and recognizes forfeitures as they occur. |
Earnings per Share and Unit
Earnings per Share and Unit | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share And Unit [Abstract] | |
Earnings per Share and Unit | 11. Earnings per Share and Unit Parent Company Earnings per Share The following summarizes the calculation of basic and diluted earnings per shar e: Three months ended March 31, (in thousands, except per share data) 2024 2023 Numerator: Net income attributable to common shareholders - basic $ 106,361 97,281 Net income attributable to common shareholders - diluted $ 106,361 97,281 Denominator: Weighted average common shares outstanding for basic EPS 184,678 171,212 Weighted average common shares outstanding for diluted EPS (1) 184,770 171,494 Net income per common share – basic $ 0.58 0.57 Net income per common share – diluted $ 0.58 0.57 (1) Includes the dilutive impact of unvested restricted stock. The effect of the assumed conversion of the EOP units and certain other convertible units had an anti-dilutive effect upon the calculation of net income to the common shareholders per share. Accordingly, the impact of such assumed conversions has not been included in the determination of diluted net income per share calculations. Weighted average EOP units outstanding were 1,101,104 and 741,433 for the three months ended March 31, 2024 and 2023, respectively. Operating Partnership Earnings per Unit The following summarizes the calculation of basic and diluted earnings per uni t ("EPU"): Three months ended March 31, (in thousands, except per unit data) 2024 2023 Numerator: Net income attributable to common unit holders - basic $ 107,003 97,701 Net income attributable to common unit holders - diluted $ 107,003 97,701 Denominator: Weighted average common units outstanding for basic EPU 185,779 171,953 Weighted average common units outstanding for diluted EPU (1) 185,872 172,235 Net income per common unit – basic $ 0.58 0.57 Net income per common unit – diluted $ 0.58 0.57 (1) Includes the dilutive impact of unvested restricted stock. The effect of the assumed conversion of certain other convertible units had an anti-dilutive effect upon the calculation of net income to the common unit holders per share. Accordingly, the impact of such assumed conversions has not been included in the determination of diluted net income per unit calculations. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 12. Commitments and Contingencies Litigation The Company is a party to litigation and other disputes that arise in the ordinary course of business. While the outcome of any particular lawsuit or dispute cannot be predicted with certainty, in the opinion of management, the Company's currently pending litigation and disputes are not expected to have a material adverse effect on the Company's consolidated financial position, results of operations, or liquidity of the Company taken as a whole as of March 31, 2024. Environmental The Company is subject to numerous environmental laws and regulations. With respect to applicability to the Company, these pertain primarily to chemicals historically used by certain current and former dry cleaning tenants, the existence of asbestos in older shopping centers, older underground petroleum storage tanks and other historic land uses. The Company believes that the ultimate disposition of currently known environmental matters will not have a material effect on its financial position, liquidity, or operations. The Company can give no assurance that existing environmental studies with respect to its shopping centers have revealed all potential environmental contaminants; that its estimate of liabilities will not change as more information becomes available; that any previous owner, occupant or tenant did not create any material environmental condition not known to the Company; that the current environmental condition of the shopping centers will not be affected by tenants and occupants, by the condition of nearby properties, or by unrelated third parties; and that changes in applicable environmental laws and regulations or their interpretation will not result in additional environmental liability to the Company. The Company had accrued liabilities of $ 15.9 million and $ 16.5 million for environmental remediation, which are i ncluded in Accounts payable, and other liabilities on the Company’s Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023, respectively. Letters of Credit The Company has the right to issue letters of credit under the Line up to an aggregate amount not to exceed $ 50.0 million, which reduces the credit availability under the Line. These letters of credit are primarily issued as collateral on behalf of its captive insurance subsidiary and to facilitate the construction of development projects. The Comp any had $ 8.5 million in letters of credit outstanding as of both March 31, 2024 and December 31, 2023 . |
Organization and Significant _2
Organization and Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Acquisition of UBP | Acquisition of Urstadt Biddle Properties Inc. On August 18, 2023 , the Company acquired Urstadt Biddle Properties Inc. ("UBP") which was accounted for as an asset acquisitio n. Under the terms of the merger agreement, each share of Urstadt Biddle common stock and Urstadt Biddle Class A common stock was converted into 0.347 of a share of common stock of the Parent Company. Additionally, each share of UBP’s 6.25 % Series H Cumulative Redeemable Preferred Stock and 5.875 % Series K Cumulative Redeemable Preferred Stock was converted into one share of Parent Company Series A preferred stock and Parent Company Series B preferred stock, respectively. As a result of the acquisition, the Company acquired 74 properties representing 5.3 million square feet of GLA, including 10 properties held through real estate partnerships. See the Company's audited Annual Report on Form 10-K for the year ended December 31, 2023 for further disclosure regarding the acquisition transaction. |
Risks and Uncertainties | Risks and Uncertainties The success of the Company's tenants in operating their businesses and their corresponding ability to pay rent continue to be influenced by current economic challenges, which may impact their cost of doing business, including but not limited to the impact of inflation, the cost and availability of labor, increasing energy prices and interest rates, and access to credit. Additionally, geopolitical and macroeconomic challenges, including the war involving Russia and Ukraine, current Middle East conflicts and wars, and the economic conflicts with China, as well as the slowing of its economy, could impact aspects of the U.S. economy and, therefore, consumer spending. The policies implemented by the U.S. government to address these and related issues, including changes by the Board of Governors of the Federal Reserve System of its benchmark federal funds rate, increases in federal government spending, and economic sanctions and tariffs, could result in adverse impacts on the U.S. economy, including a slowing of growth and potentially a recession, thereby impacting consumer spending, tenants' businesses, and/or decreasing future demand for space in shopping centers. The potential impact of current macroeconomic and geopolitical challenges on the Company's financial condition, results of operations, and cash flows is subject to change and continues to depend on the extent and duration of these risks and uncertainties. See Item 1A of Part I of the Company's Annual Report on Form 10-K for a more detailed discussion of the Risk Factors potentially impacting the Company's business and results of operations. |
Consolidation | Consolidation The Company consolidates properties that are wholly-owned, and properties where it owns less than 100% but holds a controlling financial interest in the partnerships. Controlling financial interest is determined using an evaluation based on accounting standards related to the consolidation of Variable Interest Entities ("VIEs") and voting interest entities. Ownership of the Parent Company The Parent Company has a single class of common stock and two series of preferred stock outstanding. Ownership of the Operating Partnership The Operating Partnership's capital includes Common Units and Preferred Units. As of March 31, 2024, the Parent Company owned approximately 99.4 % of the outstanding Common Units, with the remaining Common Units held by third parties ("Exchangeable operating partnership units" or "EOP units"). The Parent Company currently owns all of the Preferred Units. |
Real Estate Partnerships | Real Estate Partnerships As of March 31, 2024, Regency held partial ownership interests in 119 properties through real estate partnerships, of which 18 are consolidated. Regency's partners include institutional investors, real estate developers and/or operators, and passive investors (the "Partners" or "Limited Partners"). These partnerships have been established to own and operate real estate properties. The Company’s involvement with these entities is through its ownership and management of the properties. The entities were deemed VIEs primarily because the unrelated investors do not have substantive kick-out rights to remove the general or managing partner by a vote of a simple majority or less, and they do not have substantive participating rights. Regency has variable interests in these entities through its equity ownership, with Regency being the primary beneficiary in certain of these real estate partnerships. Regency consolidates the partnerships into its financial statements for which it is the primary beneficiary and reports the limited partners' interests as noncontrolling interests. For those partnerships which Regency is not the primary beneficiary and does not have a controlling financial interest, but has significant influence, Regency recognizes its equity investments in them in accordance with the equity method of accounting. The assets of these partnerships are restricted to use by the respective partnerships and cannot be reached by general creditors of the Company. Similarly, the obligations of the partnerships are backed by, and can only be settled through the assets of these partnerships or by additional capital contributions by the partners. The carrying amounts of VIEs' assets and liabilities included in the Company's consolidated financial statements, exclusive of the Operating Partnership, are as follows: (in thousands) March 31, 2024 December 31, 2023 Assets Real estate assets, net $ 276,484 270,674 Cash, cash equivalents and restricted cash 8,324 8,201 Tenant and other receivables, net 4,777 3,883 Deferred costs, net 2,406 2,494 Acquired lease intangible assets, net 11,284 12,099 Right of use assets, net 44,102 44,377 Other assets 1,574 893 Total Assets $ 348,951 342,621 Liabilities Notes payable $ 33,092 33,211 Accounts payable and other liabilities 31,853 29,919 Acquired lease intangible liabilities, net 21,103 21,456 Tenants' security, escrow deposits and prepaid rent 1,112 1,239 Lease liabilities 21,482 21,433 Total Liabilities $ 108,642 107,258 |
Revenues, and Tenant and Other Receivables | Revenues, and Tenant and other Receivables Other property income includes parking fees and other incidental income from the properties and is generally recognized at the point in time that the performance obligation is met. Income within Management, transaction, and other fees on the Consolidated Statements of Operations is primarily derived from contracts with the Company's real estate partnerships. The primary components of these revenue streams, the timing of satisfying the performance obligations, and amounts are as follows: Three months ended March 31, (in thousands) Timing of satisfaction of performance obligations 2024 2023 Management, transaction, and other fees: Property management services Over time $ 3,961 3,458 Asset management services Over time 1,602 1,629 Leasing services Point in time 574 718 Other fees Point in time 259 233 Total management, transaction, and other fees $ 6,396 6,038 The accounts receivable for management, transactions, and other fees, which are included within Tenant and other receivables in the accompanying Consolidated Balance Sheets, are $ 16.5 million and $ 18.5 million , as of March 31, 2024 and December 31, 2023 , respectively. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The following table provides a brief description of recently adopted accounting pronouncements and impact on our financial statements: Standard Description Earlier of Effective Date or the Date of adoption Effect on the financial statements or other significant matters Recently adopted : ASU 2023-07 , Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures The amendments are aimed at enhancing the disclosures public entities provide regarding significant segment expenses so that investors can “better understand an entity’s overall performance” and assess “potential future cash flows.” January 1, 2024 The standard became effective for the Company on January 1, 2024 and the required disclosures for the Company will begin with its Annual Report on Form 10-K for the fiscal year ending December 31, 2024. The adoption and implementation of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. ASU 2023-09 , Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires public business entities to disclose additional information in specified categories with respect to the reconciliation of the effective tax rate to the statutory rate for federal, state, and foreign income taxes. It also requires greater detail about individual reconciling items in the rate reconciliation to the extent the impact of those items exceeds a specified threshold. January 1, 2025 The Company will review the extent of new disclosures necessary prior to implementation. O t her than additional disclosure, the adoption of this ASU is not expected to have a material impact on the Company's financial position and/or results of operations. |
Organization and Significant _3
Organization and Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Schedule of Variable Interest Entities | The carrying amounts of VIEs' assets and liabilities included in the Company's consolidated financial statements, exclusive of the Operating Partnership, are as follows: (in thousands) March 31, 2024 December 31, 2023 Assets Real estate assets, net $ 276,484 270,674 Cash, cash equivalents and restricted cash 8,324 8,201 Tenant and other receivables, net 4,777 3,883 Deferred costs, net 2,406 2,494 Acquired lease intangible assets, net 11,284 12,099 Right of use assets, net 44,102 44,377 Other assets 1,574 893 Total Assets $ 348,951 342,621 Liabilities Notes payable $ 33,092 33,211 Accounts payable and other liabilities 31,853 29,919 Acquired lease intangible liabilities, net 21,103 21,456 Tenants' security, escrow deposits and prepaid rent 1,112 1,239 Lease liabilities 21,482 21,433 Total Liabilities $ 108,642 107,258 |
Revenues and Tenant and Other Receivables | The primary components of these revenue streams, the timing of satisfying the performance obligations, and amounts are as follows: Three months ended March 31, (in thousands) Timing of satisfaction of performance obligations 2024 2023 Management, transaction, and other fees: Property management services Over time $ 3,961 3,458 Asset management services Over time 1,602 1,629 Leasing services Point in time 574 718 Other fees Point in time 259 233 Total management, transaction, and other fees $ 6,396 6,038 |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The following table provides a brief description of recently adopted accounting pronouncements and impact on our financial statements: Standard Description Earlier of Effective Date or the Date of adoption Effect on the financial statements or other significant matters Recently adopted : ASU 2023-07 , Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures The amendments are aimed at enhancing the disclosures public entities provide regarding significant segment expenses so that investors can “better understand an entity’s overall performance” and assess “potential future cash flows.” January 1, 2024 The standard became effective for the Company on January 1, 2024 and the required disclosures for the Company will begin with its Annual Report on Form 10-K for the fiscal year ending December 31, 2024. The adoption and implementation of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. ASU 2023-09 , Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires public business entities to disclose additional information in specified categories with respect to the reconciliation of the effective tax rate to the statutory rate for federal, state, and foreign income taxes. It also requires greater detail about individual reconciling items in the rate reconciliation to the extent the impact of those items exceeds a specified threshold. January 1, 2025 The Company will review the extent of new disclosures necessary prior to implementation. O t her than additional disclosure, the adoption of this ASU is not expected to have a material impact on the Company's financial position and/or results of operations. |
Real Estate Investments (Tables
Real Estate Investments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Real Estate [Line Items] | |
Schedule of Properties Acquired | The table below details properties acquired during the three months ended March 31, 2024: (in thousands) Three months ended March 31, 2024 Date Purchased Property Name City/State Property Regency Ownership Purchase (1) Debt (1) Intangible (1) Intangible (1) Consolidated 2/23/2024 The Shops at Stone Bridge Cheshire, CT Development 100 % $ 8,000 — — — Total consolidated $ 8,000 — — — (1) Amounts for purchase price and allocation are reflected at 100 %. |
Property Dispositions and Ass_2
Property Dispositions and Assets Held for Sale (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Properties Disposed of | The following table provides a summary of consolidated shopping centers and land parcels sold during the periods set forth below: Three months ended March 31, (in thousands, except number sold data) 2024 2023 Net proceeds from sale of real estate investments $ 30,033 2,923 Gain on sale of real estate, net of tax 11,403 250 Number of operating properties sold 1 — Number of land parcels sold — 1 Percent interest sold 100 % 100 % |
Schedule of Properties Held for Sale | The following table presents the assets associated with the properties classified as held for sale: (in thousands) March 31, 2024 December 31, 2023 Land and improvements $ 27,003 9,120 Buildings and improvements 9,425 12,551 Less: accumulated depreciation ( 2,928 ) ( 3,461 ) Real estate, net 33,500 18,210 Other assets, net 72 668 Assets associated with real estate assets held for sale $ 33,572 18,878 |
Other Assets (Tables)
Other Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Other Assets [Abstract] | |
Schedule of Other Assets | The following table represents the components of Other assets in the accompanying Consolidated Balance Sheets as of the dates set forth below: (in thousands) March 31, 2024 December 31, 2023 Goodwill $ 167,062 167,062 Investments (1) 140,587 51,992 Prepaid and other 56,937 40,635 Derivative assets 16,711 14,213 Furniture, fixtures, and equipment, net ("FF&E") 6,424 6,662 Deferred financing costs, net (2) 11,712 2,865 Total other assets $ 399,433 283,429 (1) During the three months ended March 31, 2024 , the Company invested approximately $ 90 million in commercial deposits from the proceeds received from the January public offering of senior unsecured notes. (2) The Company incurred additional financing costs related to recasting its Line of Credit. See Note 5 — Notes Payable and Unsecured Credit Facilities for discussion regarding these transactions. |
Notes Payable and Unsecured C_2
Notes Payable and Unsecured Credit Facilities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The Company's outstanding debt, net of unamortized debt premium (discount) and debt issuance costs, consisted of the following as of the dates set forth below: (in thousands) Maturing Weighted Weighted March 31, 2024 December 31, 2023 Notes payable: Fixed rate mortgage loans 6/1/2037 3.8 % 4.4 % $ 439,864 449,615 Variable rate mortgage loans (1) 1/31/2032 4.2 % 4.2 % 298,375 299,579 Fixed rate unsecured debt 3/15/2049 4.0 % 4.1 % 3,648,942 3,252,755 Total notes payable, net 4,387,181 4,001,949 Unsecured credit facilities: $ 1.5 Billion Line of Credit (the "Line") (2) 3/23/2028 6.3 % 6.7 % 30,000 152,000 Total unsecured credit facilities 30,000 152,000 Total debt outstanding $ 4,417,181 4,153,949 (1) As of March 31, 2024, 98.3 % o f the variable rate mortgage loans are fixed through interest rate swaps. (2) The Line is scheduled to mature on March 23, 2028 . The Company has the option to extend the maturity for two additional six-month periods . Weighted average effective rate for the Line is calculated based on a fully drawn Line balance using the period end variable rate. |
Schedule of Maturities of Long-term Debt | Scheduled principal payments and maturities on notes payable and unsecured credit facilities were as follows: (in thousands) March 31, 2024 Scheduled Principal Payments and Maturities by Year: Scheduled Mortgage Unsecured (1) Total 2024 (2) $ 7,989 133,580 250,000 391,569 2025 9,678 52,537 250,000 312,215 2026 9,920 147,848 200,000 357,768 2027 7,013 222,558 525,000 754,571 2028 5,312 36,570 330,000 371,882 Beyond 5 Years 7,956 106,092 2,150,000 2,264,048 Unamortized debt premium/(discount) and issuance costs — ( 8,814 ) ( 26,058 ) ( 34,872 ) Total $ 47,868 690,371 3,678,942 4,417,181 (1) Includes unsecured public and private debt and unsecured credit facilities. (2) Reflects scheduled principal payments and maturities for the remainder of the year. |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Interest Rate Derivatives Outstanding | Detail on the Company's interest rate derivatives outstanding as of March 31, 2024 and December 31, 2023 is as follows: Number of Instruments Interest Rate Swaps March 31, 2024 December 31, 2023 Notional amount 323,678 294,928 Number of instruments 16 15 |
Schedule of Fair Value of Interest Rate Derivatives | Detail on the fair value of the Company's interest rate derivatives as of March 31, 2024 and December 31, 2023 is as follows: (in thousands) Fair Value Interest rate swaps classified as: March 31, 2024 December 31, 2023 Derivative assets $ 16,711 14,213 Derivative liabilities ( 393 ) ( 1,335 ) |
Derivative Instruments, Gain (Loss) | The following table represents the effect of the derivative financial instruments on the accompanying Consolidated Financial Statements: Location and Amount of Gain (Loss) Recognized in OCI on Derivative Location and Amount of Gain (Loss) Reclassified from AOCI into Income Total amounts presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded Three months ended March 31, Three months ended March 31, Three months ended March 31, (in thousands) 2024 2023 2024 2023 2024 2023 Interest rate swaps $ 8,593 ( 2,736 ) Interest income $ ( 2,367 ) ( 1,492 ) Interest expense, net $ 42,868 36,393 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Operating Lease, Lease Income | The following table provides a disaggregation of lease income recognized as either fixed or variable lease income based on the criteria specified in ASC Topic 842: (in thousands) Three months ended March 31, 2024 2023 Operating lease income Fixed and in-substance fixed lease income $ 256,626 219,641 Variable lease income 92,290 80,780 Other lease related income, net: Above/below market rent and tenant rent inducement amortization, net 5,823 5,865 Uncollectible straight-line rent (1) ( 400 ) 578 Uncollectible amounts billable in lease (loss) income ( 1,233 ) 1,937 Total lease income $ 353,106 308,801 (1) The amounts include straight-line rent adjustments associated with converting between cash basis and accrual basis accounting for certain leases. |
Components Of Tenant And Other Receivables | The following table represents the components of Tenant and other receivables, net of amounts considered uncollectible, in the accompanying Consolidated Balance Sheets: (in thousands) March 31, 2024 December 31, 2023 Tenant receivables $ 27,357 34,814 Straight-line rent receivables 144,022 138,590 Notes receivable 30,634 2,109 Other receivables (1) 27,394 30,649 Total tenant and other receivables $ 229,407 206,162 (1) Other receivables include construction receivables, insurance receivables, and amounts due from real estate partnerships for Management, transaction, and other fee income. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Summary of Balance Sheet Fair Values | All financial instruments of the Company are reflected in the accompanying Consolidated Balance Sheets at amounts which, in management's estimation, reasonably approximate their fair values, except those instruments listed below : March 31, 2024 December 31, 2023 (in thousands) Carrying Fair Value Carrying Fair Value Financial assets: Notes receivable (1) $ 30,634 30,634 2,109 2,109 Financial liabilities: Notes payable, net $ 4,387,181 4,143,622 4,001,949 3,763,152 Unsecured credit facilities (1) $ 30,000 30,000 152,000 152,000 (1) The carrying amounts approximated its fair values due to the variable nature of the terms or the timing of issuance. |
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables present the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a recurring basis: Fair Value Measurements as of March 31, 2024 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (in thousands) Balance (Level 1) (Level 2) (Level 3) Assets: Securities $ 126,225 126,225 — — Available-for-sale debt securities 14,362 — 14,362 — Interest rate derivatives 16,711 — 16,711 — Total $ 157,298 126,225 31,073 — Liabilities: Interest rate derivatives $ ( 393 ) — ( 393 ) — Fair Value Measurements as of December 31, 2023 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (in thousands) Balance (Level 1) (Level 2) (Level 3) Assets: Securities $ 37,039 37,039 — — Available-for-sale debt securities 14,953 — 14,953 — Interest rate derivatives 14,213 — 14,213 — Total $ 66,205 37,039 29,166 — Liabilities: Interest rate derivatives $ ( 1,335 ) — ( 1,335 ) — |
Equity and Capital (Tables)
Equity and Capital (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Summary of Terms and Conditions of Preferred Stock Outstanding | Terms and conditions of the preferred stock outstanding are summarized as follows: Preferred Stock Outstanding as of March 31, 2024 and December 31, 2023 Date of Issuance Shares Issued and Outstanding Liquidation Preference Distribution Rate Callable By Company Series A 8/18/2023 4,600,000 $ 115,000,000 6.250 % On demand Series B 8/18/2023 4,400,000 110,000,000 5.875 % On or after 10/1/2024 9,000,000 $ 225,000,000 |
Earnings per Share and Unit (Ta
Earnings per Share and Unit (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Schedule of earnings per share | The following summarizes the calculation of basic and diluted earnings per shar e: Three months ended March 31, (in thousands, except per share data) 2024 2023 Numerator: Net income attributable to common shareholders - basic $ 106,361 97,281 Net income attributable to common shareholders - diluted $ 106,361 97,281 Denominator: Weighted average common shares outstanding for basic EPS 184,678 171,212 Weighted average common shares outstanding for diluted EPS (1) 184,770 171,494 Net income per common share – basic $ 0.58 0.57 Net income per common share – diluted $ 0.58 0.57 (1) Includes the dilutive impact of unvested restricted stock. |
Partnership Interest [Member] | |
Schedule of earnings per share | The following summarizes the calculation of basic and diluted earnings per uni t ("EPU"): Three months ended March 31, (in thousands, except per unit data) 2024 2023 Numerator: Net income attributable to common unit holders - basic $ 107,003 97,701 Net income attributable to common unit holders - diluted $ 107,003 97,701 Denominator: Weighted average common units outstanding for basic EPU 185,779 171,953 Weighted average common units outstanding for diluted EPU (1) 185,872 172,235 Net income per common unit – basic $ 0.58 0.57 Net income per common unit – diluted $ 0.58 0.57 (1) Includes the dilutive impact of unvested restricted stock. |
Organization and Significant _4
Organization and Significant Accounting Policies - Additional Information (Details) $ in Thousands, ft² in Millions | 3 Months Ended | |||
Aug. 18, 2023 ft² Property | Mar. 31, 2024 USD ($) RetailShoppingCenter | Dec. 31, 2023 USD ($) | Mar. 31, 2023 Property | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Unsecured public and private notes | $ 200,000 | |||
Number of real estate properties | Property | 0 | |||
Tenant and other receivables, net | $ 229,407 | $ 206,162 | ||
Conversion of Stock, Description | On August 18, 2023, the Company acquired Urstadt Biddle Properties Inc. ("UBP") which was accounted for as an asset acquisition. Under the terms of the merger agreement, each share of Urstadt Biddle common stock and Urstadt Biddle Class A common stock was converted into 0.347 of a share of common stock of the Parent Company. Additionally, each share of UBP’s 6.25% Series H Cumulative Redeemable Preferred Stock and 5.875% Series K Cumulative Redeemable Preferred Stock was converted into one share of Parent Company Series A preferred stock and Parent Company Series B preferred stock, respectively. | |||
Merger One [Member] | 6.25% Series H Cumulative Redeemable Preferred Stock [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Debt instrument interest rate stated percentage | 6.25% | |||
Merger One [Member] | 5.875% Series K Cumulative Redeemable Preferred Stock [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Debt instrument interest rate stated percentage | 5.875% | |||
Merger One [Member] | Common Stock [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Stock conversion ratio | 0.347 | |||
Merger Agreement [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Asset acquisition agreement date | Aug. 18, 2023 | |||
Management, transaction, and other fee [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Tenant and other receivables, net | $ 16,500 | $ 18,500 | ||
Operating Partnership [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Ownership percentage of outstanding common partnership units | 99.40% | |||
Wholly Owned Properties [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Number of real estate properties | 74 | 381 | ||
Gross lease area | ft² | 5.3 | |||
Partially Owned Properties [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Number of real estate properties | 10 | 119 | ||
Consolidated Properties [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Number of real estate properties | RetailShoppingCenter | 18 | |||
Unconsolidated Properties [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Number of real estate properties | RetailShoppingCenter | 101 |
Organization and Significant _5
Organization and Significant Accounting Policies - Schedule of Variable Interest Entities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Variable Interest Entity [Line Items] | ||
Variable interest entity, consolidated, carrying amount, assets | $ 12,650,903 | $ 12,426,913 |
Variable interest entity, consolidated, carrying amount, liabilities | 5,472,884 | 5,234,978 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable interest entity, consolidated, carrying amount, assets | 348,951 | 342,621 |
Variable interest entity, consolidated, carrying amount, liabilities | 108,642 | 107,258 |
Variable Interest Entity, Primary Beneficiary [Member] | Notes Payable [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable interest entity, consolidated, carrying amount, liabilities | 33,092 | 33,211 |
Variable Interest Entity, Primary Beneficiary [Member] | Accounts Payable and Other Liabilities [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable interest entity, consolidated, carrying amount, liabilities | 31,853 | 29,919 |
Variable Interest Entity, Primary Beneficiary [Member] | Acquired Lease Intangible Liabilities, Net [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable interest entity, consolidated, carrying amount, liabilities | 21,103 | 21,456 |
Variable Interest Entity, Primary Beneficiary [Member] | Tenants' Security, Escrow Deposits and Prepaid Rent [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable interest entity, consolidated, carrying amount, liabilities | 1,112 | 1,239 |
Variable Interest Entity, Primary Beneficiary [Member] | Lease Liabilities [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable interest entity, consolidated, carrying amount, liabilities | 21,482 | 21,433 |
Variable Interest Entity, Primary Beneficiary [Member] | Real Estate Assets, Net [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable interest entity, consolidated, carrying amount, assets | 276,484 | 270,674 |
Variable Interest Entity, Primary Beneficiary [Member] | Cash, Cash Equivalents, and Restricted Cash [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable interest entity, consolidated, carrying amount, assets | 8,324 | 8,201 |
Variable Interest Entity, Primary Beneficiary [Member] | Tenant and Other Receivables, Net [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable interest entity, consolidated, carrying amount, assets | 4,777 | 3,883 |
Variable Interest Entity, Primary Beneficiary [Member] | Deferred Costs, Net [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable interest entity, consolidated, carrying amount, assets | 2,406 | 2,494 |
Variable Interest Entity, Primary Beneficiary [Member] | Acquired Lease Intangible Assets, Net [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable interest entity, consolidated, carrying amount, assets | 11,284 | 12,099 |
Variable Interest Entity, Primary Beneficiary [Member] | Right of Use Assets, Net [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable interest entity, consolidated, carrying amount, assets | 44,102 | 44,377 |
Variable Interest Entity, Primary Beneficiary [Member] | Other Assets [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable interest entity, consolidated, carrying amount, assets | $ 1,574 | $ 893 |
Organization and Significant _6
Organization and Significant Accounting Policies - Components of Revenue Streams, Timing of Satisfying Performance Obligations, and Amounts (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Schedule of management, transaction, and other fees [Line Items] | ||
Management, transaction, and other fees | $ 6,396 | $ 6,038 |
Property management services [Member] | ||
Schedule of management, transaction, and other fees [Line Items] | ||
Management, transaction, and other fees | $ 3,961 | 3,458 |
Timing of satisfaction of performance obligations | Over time | |
Asset management services [Member] | ||
Schedule of management, transaction, and other fees [Line Items] | ||
Management, transaction, and other fees | $ 1,602 | 1,629 |
Timing of satisfaction of performance obligations | Over time | |
Leasing services [Member] | ||
Schedule of management, transaction, and other fees [Line Items] | ||
Management, transaction, and other fees | $ 574 | 718 |
Timing of satisfaction of performance obligations | Point in time | |
Other fees [Member] | ||
Schedule of management, transaction, and other fees [Line Items] | ||
Management, transaction, and other fees | $ 259 | $ 233 |
Timing of satisfaction of performance obligations | Point in time |
Organization and Significant _7
Organization and Significant Accounting Policies - Schedule of New Accounting Pronouncements and Changes in Accounting Principles (Details) | 3 Months Ended |
Mar. 31, 2024 | |
ASU 2023-07 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Change in accounting principle accounting standards update adopted | true |
Change in accounting principle, accounting standards update, adoption date | Jan. 01, 2024 |
New Accounting Pronouncement or Change in Accounting Principle, Description | ASU 2023-07 |
ASU 2023-09 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Change in accounting principle accounting standards update adopted | true |
Change in accounting principle, accounting standards update, adoption date | Jan. 01, 2025 |
New Accounting Pronouncement or Change in Accounting Principle, Description | ASU 2023-09 |
Real Estate Investments - Addit
Real Estate Investments - Additional Information (Details) | Mar. 31, 2023 Property |
Real Estate [Line Items] | |
Number of real estate properties acquired | 0 |
Real Estate Investments - Sched
Real Estate Investments - Schedule of Properties Acquired (Details) - Consolidated Properties [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Business Acquisition [Line Items] | |
Purchase Price | $ 8,000 |
The Shops at Stone Bridge [Member] | |
Business Acquisition [Line Items] | |
Date Purchased | Feb. 23, 2024 |
Property Name | The Shops at Stone Bridge |
City/State | Cheshire, CT |
Ownership | 100% |
Purchase Price | $ 8,000 |
Real Estate Investments - Sch_2
Real Estate Investments - Schedule of Properties Acquired (Parenthetical) (Details) | Mar. 31, 2024 |
Business Acquisition [Line Items] | |
Percentage of purchase price and allocation | 100% |
Property Dispositions and Ass_3
Property Dispositions and Assets Held for Sale - Schedule of Properties Disposed of (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 USD ($) Property | Mar. 31, 2023 USD ($) Property | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net proceeds from sale of real estate investments | $ | $ 30,033 | $ 2,923 |
Gain on sale of real estate, net of tax | $ | $ 11,403 | $ 250 |
Wholly Owned Properties [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Percent interest sold | 100% | 100% |
Operating Properties [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of real estate properties sold | Property | 1 | |
Land [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of real estate properties sold | Property | 1 |
Property Dispositions and Ass_4
Property Dispositions and Assets Held for Sale - Additional Information (Details) - Property | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of real estate properties | 0 | ||
Assets Held for Sale [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of real estate properties | 1 | 1 |
Property Dispositions and Ass_5
Property Dispositions and Assets Held for Sale - Schedule of Properties Held for Sale (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Less: accumulated depreciation | $ (2,748,712) | $ (2,691,386) |
Real estate assets, net | 10,707,787 | 10,763,005 |
Assets associated with real estate assets held for sale | 33,572 | 18,878 |
Assets Held for Sale [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Land and improvemnets | 27,003 | 9,120 |
Buildings and improvements | 9,425 | 12,551 |
Less: accumulated depreciation | (2,928) | (3,461) |
Real estate assets, net | 33,500 | 18,210 |
Other assets, net | 72 | 668 |
Assets associated with real estate assets held for sale | $ 33,572 | $ 18,878 |
Other Assets - Schedule of Othe
Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Other Assets [Abstract] | |||
Goodwill | $ 167,062 | $ 167,062 | |
Investments | [1] | 140,587 | 51,992 |
Prepaid and other | 56,937 | 40,635 | |
Derivative assets | 16,711 | 14,213 | |
Furniture, fixtures, and equipment, net ("FF&E") | 6,424 | 6,662 | |
Deferred financing costs, net | [2] | 11,712 | 2,865 |
Total other assets | $ 399,433 | $ 283,429 | |
[1] During the three months ended March 31, 2024 , the Company invested approximately $ 90 million in commercial deposits from the proceeds received from the January public offering of senior unsecured notes. The Company incurred additional financing costs related to recasting its Line of Credit. See Note 5 — Notes Payable and Unsecured Credit Facilities for discussion regarding these transactions. |
Other Assets - Schedule of Ot_2
Other Assets - Schedule of Other Assets (Parenthetical) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Public Offering of Senior Unsecured Notes [Member] | |
Goodwill [Line Items] | |
Investment in commerical deposits | $ 90 |
Notes Payable and Unsecured C_3
Notes Payable and Unsecured Credit Facilities - Schedule of Debt Net of Unamortized Debt Premium (Discount) and Debt Issuance Costs (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Debt Instrument [Line Items] | |||
Long-term Debt | $ 4,417,181 | $ 4,153,949 | |
Line of Credit | $ 30,000 | 152,000 | |
Fixed Rate Mortgage Loans [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Maturity Date | Jun. 01, 2037 | ||
Debt, Weighted Average Contractual Interest Rate | 3.80% | ||
Debt, Weighted Average Effective Interest Rate | 4.40% | ||
Long-term Debt | $ 439,864 | 449,615 | |
Unsecured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Maturity Date | Mar. 15, 2049 | ||
Debt, Weighted Average Contractual Interest Rate | 4% | ||
Debt, Weighted Average Effective Interest Rate | 4.10% | ||
Long-term Debt | $ 3,648,942 | 3,252,755 | |
Notes Payable to Banks [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 4,387,181 | 4,001,949 | |
Line of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Maturity Date | [1] | Mar. 23, 2028 | |
Debt, Weighted Average Contractual Interest Rate | [1] | 6.30% | |
Debt, Weighted Average Effective Interest Rate | [1] | 6.70% | |
Long-term Debt | [1] | $ 30,000 | 152,000 |
SOFR [Member] | Variable Rate Mortgage Loans [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Maturity Date | [2] | Jan. 31, 2032 | |
Debt, Weighted Average Contractual Interest Rate | [2] | 4.20% | |
Debt, Weighted Average Effective Interest Rate | [2] | 4.20% | |
Long-term Debt | [2] | $ 298,375 | $ 299,579 |
[1] The Line is scheduled to mature on March 23, 2028 . The Company has the option to extend the maturity for two additional six-month periods . Weighted average effective rate for the Line is calculated based on a fully drawn Line balance using the period end variable rate. As of March 31, 2024, 98.3 % o f the variable rate mortgage loans are fixed through interest rate swaps. |
Notes Payable and Unsecured C_4
Notes Payable and Unsecured Credit Facilities - Schedule of Debt Net of Unamortized Debt Premium (Discount) and Debt Issuance Costs (Parentheticals) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Dec. 31, 2023 | ||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 4,417,181 | $ 4,153,949 | |
Percentage of variable rate mortgage loans fixed through interest rate swaps | 98.30% | ||
Line of credit maximum amount | $ 1,500,000 | ||
Line of credit maturity date | Mar. 23, 2028 | ||
Line of credit extended maturity period | two additional six-month periods | ||
Variable Rate Mortgage Loans [Member] | SOFR [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | [1] | $ 298,375 | $ 299,579 |
[1] As of March 31, 2024, 98.3 % o f the variable rate mortgage loans are fixed through interest rate swaps. |
Notes Payable and Unsecured C_5
Notes Payable and Unsecured Credit Facilities - Additional Information (Details) - USD ($) | 3 Months Ended | ||
Jan. 18, 2024 | Mar. 31, 2024 | Jan. 08, 2024 | |
Debt Instrument [Line Items] | |||
Line of credit facility, maximum borrowing capacity | $ 1,500,000,000 | ||
Line of credit extended maturity period | two additional six-month periods | ||
Unsecured Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit facility, maximum borrowing capacity | $ 1,500,000,000 | ||
Debt instrument, term | 4 years | ||
Line of credit extended maturity period | two six-month extension options | ||
Debt instrument sustainability adjustment | 1% | ||
Unsecured Revolving Credit Facility [Member] | SOFR [Member] | |||
Debt Instrument [Line Items] | |||
Variable rate adjustment | 10% | ||
Unsecured Revolving Credit Facility [Member] | Base Rate [Member] | |||
Debt Instrument [Line Items] | |||
Variable rate adjustment | 72.50% | ||
Maximum [Member] | Unsecured Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit facility, maximum borrowing capacity | $ 1,500,000,000 | ||
Unsecured Debt [Member] | Senior Unsecured Notes Due in 2034 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, issue price | $ 400,000,000 | ||
Percentage of debt par value | 99.617% | ||
Coupon rate | 5.25% |
Notes Payable and Unsecured C_6
Notes Payable and Unsecured Credit Facilities - Schedule of Maturities of Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Debt Instrument [Line Items] | |||
2024 | [1] | $ 391,569 | |
2025 | 312,215 | ||
2026 | 357,768 | ||
2027 | 754,571 | ||
2028 | 371,882 | ||
Beyond 5 Years | 2,264,048 | ||
Unamortized debt premium/(discount) and issuance costs | (34,872) | ||
Total | 4,417,181 | $ 4,153,949 | |
Unsecured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Total | 3,648,942 | $ 3,252,755 | |
Scheduled Principal Payments [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
2024 | [1] | 7,989 | |
2025 | 9,678 | ||
2026 | 9,920 | ||
2027 | 7,013 | ||
2028 | 5,312 | ||
Beyond 5 Years | 7,956 | ||
Total | 47,868 | ||
Mortgage Loan Maturities [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
2024 | [1] | 133,580 | |
2025 | 52,537 | ||
2026 | 147,848 | ||
2027 | 222,558 | ||
2028 | 36,570 | ||
Beyond 5 Years | 106,092 | ||
Unamortized debt premium/(discount) and issuance costs | (8,814) | ||
Total | 690,371 | ||
Unsecured Maturities [Member] | Unsecured Debt [Member] | |||
Debt Instrument [Line Items] | |||
2024 | [1] | 250,000 | |
2025 | [2] | 250,000 | |
2026 | [2] | 200,000 | |
2027 | [2] | 525,000 | |
2028 | [2] | 330,000 | |
Beyond 5 Years | [2] | 2,150,000 | |
Unamortized debt premium/(discount) and issuance costs | [2] | (26,058) | |
Total | [2] | $ 3,678,942 | |
[1] Reflects scheduled principal payments and maturities for the remainder of the year. Includes unsecured public and private debt and unsecured credit facilities. |
Derivative Financial Instrume_3
Derivative Financial Instruments - Schedule of Interest Rate Derivatives Outstanding (Details) - Interest Rate Swaps [Member] $ in Thousands | Mar. 31, 2024 USD ($) Instrument | Dec. 31, 2023 USD ($) Instrument |
Derivative [Line Items] | ||
Notional amount | $ | $ 323,678 | $ 294,928 |
Number of instruments | Instrument | 16 | 15 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Schedule of Fair Value of Interest Rate Derivatives (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Derivative [Line Items] | ||
Derivative assets | $ 16,711 | $ 14,213 |
Interest Rate Swaps [Member] | ||
Derivative [Line Items] | ||
Derivative assets | 16,711 | 14,213 |
Derivative liabilities | $ (393) | $ (1,335) |
Derivative Financial Instrume_5
Derivative Financial Instruments - Derivative Instruments, Gain (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Derivative [Line Items] | ||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | $ 8,593 | $ (2,736) |
Amount reclassified from accumulated other comprehensive loss | $ (2,367) | $ (1,492) |
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest expense, net | Interest expense, net |
Interest expense, net | $ 42,868 | $ 36,393 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Additional Information (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 6.4 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | ||
Operating Leased Assets [Line Items] | ||||
Fixed and in-substance fixed lease income | $ 256,626 | $ 219,641 | ||
Variable lease income | 92,290 | 80,780 | ||
Uncollectible straight-line rent | [1] | (400) | 578 | |
Uncollectible amounts billable in lease (loss) income | (1,233) | 1,937 | ||
Total lease income | 353,106 | 308,801 | ||
Accounts and Notes Receivable, Net | 229,407 | $ 206,162 | ||
Straight-line rent receivables | 144,022 | 138,590 | ||
Tenant Receivables [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Accounts and Notes Receivable, Net | 27,357 | 34,814 | ||
Notes Receivable [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Accounts and Notes Receivable, Net | 30,634 | 2,109 | ||
Other Receivable [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Accounts and Notes Receivable, Net | 27,394 | $ 30,649 | ||
Lessor [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Above/below market rent and tenant rent inducement amortization, net | $ 5,823 | $ 5,865 | ||
[1] The amounts include straight-line rent adjustments associated with converting between cash basis and accrual basis accounting for certain leases. |
Leases - Additional Information
Leases - Additional Information (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Lessee, Lease, Description [Line Items] | |
Issuance of note receivable | $ 29,830 |
Notes Receivable [Member] | |
Lessee, Lease, Description [Line Items] | |
Issuance of note receivable | $ 29,800 |
Interest rate | 6.90% |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Notes receivable | [1] | $ 30,634 | $ 2,109 |
Notes payable, net | 4,387,181 | 4,001,949 | |
Unsecured credit facilities | 30,000 | 152,000 | |
Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities | 126,225 | 37,039 | |
Available-for-sale debt securities | 14,362 | 14,953 | |
Interest rate derivatives | 16,711 | 14,213 | |
Total | 157,298 | 66,205 | |
Interest Rate Cash Flow Hedge Liability at Fair Value | (393) | (1,335) | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Notes receivable, fair value | [1] | 30,634 | 2,109 |
Notes payable, net, Fair Value | 4,143,622 | 3,763,152 | |
Unsecured credit facilities, Fair Value | 30,000 | 152,000 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 14,362 | 14,953 | |
Interest rate derivatives | 16,711 | 14,213 | |
Total | 31,073 | 29,166 | |
Interest Rate Cash Flow Hedge Liability at Fair Value | (393) | (1,335) | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities | 126,225 | 37,039 | |
Total | $ 126,225 | $ 37,039 | |
[1] The carrying amounts approximated its fair values due to the variable nature of the terms or the timing of issuance. |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | ||
Trading securities, change in unrealized holding gain (loss) | $ 2.4 | $ 1.6 |
Equity and Capital - Additional
Equity and Capital - Additional Information (Details) - USD ($) | 3 Months Ended | |||
May 01, 2024 | May 02, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | |
Class of Stock [Line Items] | ||||
Common stock dividend declared, per share | $ 0.65 | $ 0.67 | $ 0.65 | |
Dividends payable date | Jul. 06, 2023 | |||
Dividends record date | Jun. 14, 2023 | |||
Dividends declared date | May 02, 2023 | |||
Stock repurchase program, authorized amount | $ 250,000,000 | |||
Stock repurchase program expiration date | Feb. 07, 2025 | |||
Stock repurchased and retired during period, value | $ 20,006,000 | |||
At the Market ("ATM") Program [Member] | ||||
Class of Stock [Line Items] | ||||
Common stock issued during period | $ 0 | 0 | ||
Common stock remaining available for issuance | $ 500,000,000 | |||
Subsequent Event [Member] | ||||
Class of Stock [Line Items] | ||||
Common stock dividend declared, per share | $ 0.67 | |||
Dividends payable date | Jul. 03, 2024 | |||
Dividends record date | Jun. 12, 2024 | |||
Dividends declared date | May 01, 2024 | |||
Common Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Stock repurchased and retired during period, value | $ 3,000 | |||
Issuance of exchangeable operating partnership, units | 7,938 | 0 | ||
Series A Preferred Stock [Member] | Subsequent Event [Member] | ||||
Class of Stock [Line Items] | ||||
Dividends payable date | Jul. 31, 2024 | |||
Dividends record date | Jul. 16, 2024 | |||
Preferred stock dividend per share paid | $ 0.390625 | |||
Series B Preferred Stock [Member] | Subsequent Event [Member] | ||||
Class of Stock [Line Items] | ||||
Dividends payable date | Jul. 31, 2024 | |||
Dividends record date | Jul. 16, 2024 | |||
Preferred stock dividend per share paid | $ 0.3672 | |||
AOCI Attributable to Parent [Member] | Common Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Stock repurchased and retired during period, shares | 349,519 | |||
Stock repurchased and retired during period, value | $ 0 | $ 20,000,000 | ||
Shares repurchased weighted average price per share | $ 57.22 | |||
Stock repurchased remaining authorized value | 230,000,000 | |||
Maximum [Member] | At the Market ("ATM") Program [Member] | ||||
Class of Stock [Line Items] | ||||
Equity issuances, common stock authorized for issuance | $ 500,000,000 |
Equity and Capital - Summary of
Equity and Capital - Summary of Terms and Conditions of Preferred Stock Outstanding (Details) - UBP Acquisition [Member] - Preferred Stock [Member] - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Class of Stock [Line Items] | ||
Shares Issued and Outstanding | 9,000,000 | 9,000,000 |
Liquidation Preference | $ 225,000,000 | $ 225,000,000 |
Series A [Member] | ||
Class of Stock [Line Items] | ||
Date of Issuance | Aug. 18, 2023 | Aug. 18, 2023 |
Shares Issued and Outstanding | 4,600,000 | 4,600,000 |
Liquidation Preference | $ 115,000,000 | $ 115,000,000 |
Distribution Rate | 6.25% | 6.25% |
Series B [Member] | ||
Class of Stock [Line Items] | ||
Date of Issuance | Aug. 18, 2023 | Aug. 18, 2023 |
Shares Issued and Outstanding | 4,400,000 | 4,400,000 |
Liquidation Preference | $ 110,000,000 | $ 110,000,000 |
Distribution Rate | 5.875% | 5.875% |
Callable By Company | Oct. 01, 2024 | Oct. 01, 2024 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - Restricted Stock [Member] | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares granted | shares | 322,159 |
Weighted-average grant-date fair value (in dollars per share) | $ / shares | $ 60.31 |
Earnings per Share and Unit (De
Earnings per Share and Unit (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Earnings Per Share Basic [Line Items] | |||
Net income attributable to common shareholders - basic | $ 106,361 | $ 97,281 | |
Net income per common share - basic | $ 0.58 | $ 0.57 | |
Net income per common share - diluted | $ 0.58 | $ 0.57 | |
Weighted Average Limited Partnership Units Outstanding, Basic | 1,101,104 | 741,433 | |
Continuing Operations [Member] | Parent Company [Member] | |||
Earnings Per Share Basic [Line Items] | |||
Net income attributable to common shareholders - basic | $ 106,361 | $ 97,281 | |
Net income attributable to common shareholders - diluted | $ 106,361 | $ 97,281 | |
Weighted average common shares/units outstanding for basic EPS/EPU | 184,678,000 | 171,212,000 | |
Weighted average common shares/units outstanding for diluted EPS/EPU | [1] | 184,770,000 | 171,494,000 |
Net income per common share - basic | $ 0.58 | $ 0.57 | |
Net income per common share - diluted | $ 0.58 | $ 0.57 | |
Continuing Operations [Member] | Partnership Interest [Member] | |||
Earnings Per Share Basic [Line Items] | |||
Net income attributable to common shareholders - basic | $ 107,003 | $ 97,701 | |
Net income attributable to common shareholders - diluted | $ 107,003 | $ 97,701 | |
Weighted average common shares/units outstanding for basic EPS/EPU | 185,779,000 | 171,953,000 | |
Weighted average common shares/units outstanding for diluted EPS/EPU | [2] | 185,872,000 | 172,235,000 |
Net income per common share - basic | $ 0.58 | $ 0.57 | |
Net income per common share - diluted | $ 0.58 | $ 0.57 | |
[1] Includes the dilutive impact of unvested restricted stock. Includes the dilutive impact of unvested restricted stock. |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Loss Contingencies [Line Items] | ||
Accrued liabilities for environmental remediation | $ 15.9 | $ 16.5 |
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration] | Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities |
Line of Credit Facility, Maximum Borrowing Capacity | $ 50 | |
Letters of Credit Outstanding, Amount | $ 8.5 | $ 8.5 |